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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?'”


Talkin Points

This month has been dominated by the dreadful happenings in London and the announcement of the 2012 Olympics venue.

Berrington builds care centres

Berrington’s medical prop- erty fund is on track to build five NHS primary care centres this year, including retail and pharmacy units alongside GP consulting rooms. The fund has accrued 140m since its launch in November 2003 and is due to spend 120m this year on the construction of the brand new primary care centres […]

Stability continues in the housing market says CML

Total lending increased in June by 16 per cent according to the Council of Mortgage Lenders, the fifth consecutive monthly increase.June lending was still 9 per cent lower than the same month last year, down from 22.3bn from 28.2bn.Lending for house purchase increased by 20 per cent to 11.9 billion in June, up from 9.9 […]

IMA today releases white paper on asset ‘pooling’

The Investment Management Association has today published a white paper on asset ‘pooling’ entitled “Pooling – how can fund managers respond efficiently to different investor needs”.This is the second of the IMA’s reports on barriers into European cross-border business. It identifies the obstacles to allowing fund managers to offer local funds, running them as if […]

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.


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