We’ve mentioned our regulator the FCA before. The last time we had a semi-rant about them it was on the subject of fees and the unfairness of considerate, rule-abiding firms like ours footing the bill for others’ carelessness.

We’ve also talked about the impact of their requirement for us to complete an 87 question survey within three weeks just as we were working hard to finish up our Consumer Duty project (also required by them).

Well, we’re back for another go! This time to give you an insight into the admin that goes into being a regulated firm. Last year, we had to complete seven returns for the FCA. Each important, but also time consuming. Still, it felt like a reasonable expectation.

This year however, we’re already up to 15 and there are still two months to go! We file the returns alphabetically in our system, the last one was under ‘O’ which could have easily been for ‘Oh no, not another one’.

Now, don’t get us wrong, rules are good, it’s important to have them in place to protect consumers and tighten up the industry. These checks and balances should, in theory, help reduce the need for the FSCS Levy we referred to when talking about unfair fees.

But more than one return each month? Returns that take up a lot of time and tend to ask for the same data over and over again. (You’d think that would make them easier and quicker to complete but somehow it doesn’t.) We’d rather just get on with doing what we do best which is giving our clients the best service possible.