Britain’s Financial Services Authority (FSA) has finalised the reporting requirements for general insurance, mortgage insurance and retail investment firms. The FSA, which is moving towards implementation of an Financial Services Reform Act-style regulatory regime from next January – complete with 900 pages of rules – wants sufficient information to assess the financial health and business activities of financial services companies so it can monitor their compliance and “identify trends and abnormalities”.

High Street Firms [a reference to small and medium-sized intermediaries] Director Sarah Wilson said the FSA needs “to have a clear picture of what is happening in the market place to help us to spot potential problems early on and determine whether action needs to be taken”.

“That is why we are asking firms to provide us with information on a regular basis. This will help us to be cost effective, by allowing us to be present on the ground where it matters most.”

All firms affected by the new requirements have been given 12 months to implement them.