The Financial Conduct Authority (FCA) has announced the launch of a new portal to make the reporting process easier for firms.

Financial services providers can now access 'My FCA' as a single point of sign in for regulatory reporting tasks, including submitting regulatory data and paying fees.

Firms previously needed to sign into three different systems to complete their reporting duties.

The regulator said that the portal will make it easier to fulfil regulatory responsibilities while improving user experience.

"We’re committed to being a smarter regulator under our new strategy," said Jessica Rusu, FCA chief data, intelligence and information officer. "Central to that is us being easier to engage with. We’ve listened to feedback and created a simple, clear and easy way for firms to meet their regulatory obligations."

The move marks a key milestone in the FCA's Transforming Data Collection programme, a joint venture between the UK financial services watchdog and Bank of England.

The initiative aims to define and adopt common data standards that identify and describe data in a consistent way throughout the financial sector; modernise reporting instructions
to improve how they are written, interpreted and implemented; and integrate reporting
to move to a more streamlined, efficient approach to data collection.

---