Is it true that the SRA will be demanding large amounts of information every year
Important: The FAQs below were written and published before the introduction of the SRA Handbook on 6 October 2011, and may refer to regulatory material that is no longer in effect. Although they may still be relevant, these FAQs have not yet been reviewed in light of the wide-ranging regulatory changes implemented on 6 October. They will be reviewed and updated (or archived) in due course.
Is it true that the SRA will be demanding large amounts of information every year?
We will try to keep our requests for information to the minimum necessary to enable us to be an effective, risk-aware regulator. We will need to collect more information than we do at present. For instance, turnover figures, such as firms already provide to their insurers, will help us to
- assess risk,
- target our resources, and
- develop a more appropriate system for allocating and collecting fees.