The Financial Conduct Authority (FCA) has streamlined the way in which firms submit data on the complaints they receive.

The move comes as the regulator looks to improve its complaints reporting process.

The FCA said its plans to consolidate five current returns into one will also improve the quality of the data it receives, in turn allowing it to identify harm to consumers faster.

As part of the streamlining process, the regulator will also standardise the number of times it asks regulated firms to send data returns, so that the timing of requests by the FCA is more predictable.

This is set to help firms plan more effectively, as well as help the FCA to process information more consistently, which it said would allow it to use its resources "more efficiently and act quickly to prevent consumer harm".

Executive director for supervision, policy, competition and international, Sarah Pritchard, said: "Streamlining the complaints data reporting process will ease unnecessary burdens on firms and strengthen our commitment to smarter, more effective regulation. These proposals will also help us collect better quality data on complaints received by firms which will help us spot and respond more quickly to harm as it arises."

Head of redress at Broadstone, Brian Nimmo, added: "Accurate and timely data is critical to helping the regulator analyse where sectors or individual firms are falling short and require closer scrutiny. The changes are integral to the achieving FCA’s objectives of improving outcomes, reducing the regulatory burden and the fair treatment of consumers. Any measures that help meet these criteria are to be welcomed."

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