FSCA Updates on OMNI-CBR Roll-Out
The Financial Sector Conduct Authority (FSCA) released an update on the roll-out of the cross-sectoral Conduct of Business Return (OMNI-CBR) for financial institutions.
Background
The OMNI-CBR was first introduced in December 2021 to create a harmonised conduct reporting framework. A draft template and roadmap were published in June 2022, followed by industry engagement and feedback in December 2023.
Strategic shifts
Over the last 18 months, the FSCA has undertaken strategic re-prioritisation and organisational transformation efforts. In May 2025, it published its new Regulatory Strategy (1 April 2025 – 31 March 2028), prioritising readiness for the Conduct of Financial Institutions (COFI) Bill.
Central to this is the FSCA’s Digital Transformation Strategy and the introduction of the Integrated Regulatory Solution (IRS), a supervisory technology platform that will integrate licensing, supervision, and enforcement. The IRS will offer a single integrated system with one consolidated profile per supervised entity, standardised data collection and risk assessment processes, and an automated risk model that consolidates key data from multiple sources. It will also provide a central repository for all supervisory information and offer a real-time, 360-degree view of each entity to support consistent, informed decision-making.
Revised OMNI-CBR approach
With the IRS in development, the FSCA will not proceed with the OMNI-CBR in its original form. Instead, it will adopt a phased approach starting with the OMNI-Risk Return, which will support an automated Risk Model at the core of the IRS. The Risk Model will reduce duplication, produce consistent ratings, highlight higher-risk areas, and improve FSCA team coordination.
The second component of the revised approach will reconsider additional sector specific data requirements beyond the OMNI-Risk Return, including the frequency and methods of collection, though this is expected to be implemented over the longer term. For now the FSCA is prioritising the first component for further industry engagement in the upcoming months
Next steps
The implementation of the IRS and the introduction of the new FSCA Risk Model will significantly re-shape how the FSCA engages with supervised entities. A key step before full deployment will be comprehensive and targeted industry engagement and change management activities to ensure both the FSCA and market participants are ready for future interactions through the platform.
The FSCA is developing a detailed communication and engagement plan covering the operationalisation of the IRS, industry readiness initiatives, consultations on the revised OMNI-Risk Return, and a clear implementation timeline. Details of an industry pilot to test the IRS will be shared in the third quarter of 2025, with financial institutions expected to have a year to prepare before the platform’s anticipated go-live date.
What does this mean for you right now?
For now, financial institutions are not expected to progress OMNI-CBR-related projects. Insurers should continue submitting quarterly conduct of business returns via the FSCA’s website until further notice.
We’ll keep you informed of any updates from the FSCA and will be here to guide and support you throughout the transition period.
