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Adviser anger as problems hit FSA online reports site

The FSA’s mandatory elect-ronic reporting system has been beset with problems, with IFAs reporting difficulties logging on to the website.

The regulator has described the issue as “teething problems” but expects IFAs to meet reporting deadlines, the first of which is August 11 for firms with a year-end after June 30.

Spokesman Robin Gordon Walker says advisers should not leave it until the last min-ute as the system is more likely to overload at busy per-iods, leaving firms missing the deadline and facing a 250 fine or enforcement action.

The FSA admits the system went down when it was laun-ched at the start of July and it fears this could happen again if too many advisers log on simultaneously. Walker says the FSA is not planning to extend deadlines.

IN Partnership compliance director Gordon McNeill says his firm has given up 30 hours in the last week dealing with MER issues. At one point, it got access to another firm’s details instead of its own.

Gordon Walker says: “We are working to rectify system issues. We ask firms to report as early as possible to avoid overload.”

Adviser E-enquiry project director Nicola Mitchell says: “It is ironic that the FSA leaf- let to help says: ‘Are You Ready?’ Shouldn’t it be: ‘Are the FSA ready?'”

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