The Financial Sector Conduct Authority (FSCA) has released a key update: the rollout of the Conduct of Business Return (Omni-CBR) is changing direction. According to a communication issued yesterday, the Omni-CBR will no longer proceed as originally planned.
Why the change?
The FSCA is introducing a new supervisory technology platform – the Integrated Regulatory Solution (IRS) – that’s set to transform how data is collected, analysed and used across the industry.
What is the IRS?
The IRS is a digital platform designed to modernise how the FSCA works with financial institutions. Once up and running, it will offer:
- One central profile for each supervised entity.
- Real-time, automated risk models.
- A full 360-degree view across FSCA teams.
- Centralised data reporting that cuts down on duplication and improves decision-making.
- In short, it’s a smarter, more efficient way to regulate.
What’s changing?
The FSCA is stepping away from the original Omni-CBR format as part of its broader digital transformation strategy, with the IRS set to enable a more agile and effective approach to achieving its regulatory goals. Here’s what to expect instead:
- The broad “ALL SHEETS” template is being replaced with a phased, more flexible rollout.
- First up: the Omni-Risk Return, which focuses only on the data needed for the IRS’s automated Risk Model
- Future sector-specific reporting will follow, but only after further consultation with the industry
The Omni-Risk Return will supply the data used to calculate standardised risk scores under the FSCA’s new automated Risk Model, which will help guide the regulator’s future supervisory activity.
This new approach is designed to ease the reporting load, reduce duplication and make compliance more focused and risk aligned.
What happens next?
The FSCA will release a detailed engagement and communication plan and will launch a pilot of the IRS platform in Q3 2025. Financial institutions will have at least a year to prepare before the system goes live. The pilot will also help ensure readiness for future interactions through the IRS.
What does this mean for financial institutions?
The FSCA has stated that financial institutions are not expected to initiate or continue with Omni-CBR readiness efforts, in particular system developments, until further guidance is issued. (However, insurers should continue submitting their quarterly conduct returns via the FSCA’s website until further notice.)
But it’s not time to hit pause completely. The upcoming Conduct of Financial Institutions (COFI) Act will give Treating Customers Fairly (TCF) real legal weight, and financial institutions will still need to show that they’re delivering fair outcomes – backed by solid data.
At Masthead, we encourage our clients to continue strengthening their data practices. It’s not just about staying ahead of future regulatory changes – it’s also good for governance, business and your clients.
We’re keeping a close eye on developments and will continue to support our clients through every step of the FSCA’s transformation.
For more information on this development, you’re welcome to contact your Compliance Officer or one of our regional offices.