A web-based application has been launched to help advisers manage adviser charging and meet new regulatory reporting requirements.
From 1 July, firms will have to provide the Financial Conduct Authority with six months of detailed data on adviser charging as part of their Retail Mediation Activities Return. Firms will have to provide information on “invoiced” initial and ongoing charges, and the number of lump sum and regular payments. Charges details must be split between how the charge was paid and be reported net of VAT.
The Charge Manager software allows firms to model and manage their charging structures, and calculate and quote advice charges to clients. The system also collects the relevant information for the RMAR automatically.
Charge Manager marketing director David Shelton says: “Many advisers have been concentrating on getting past the RDR deadline and may have missed the fact that, after 1 July, their next RMAR must contain six months of detailed back data on adviser charging.
“Charge Manager collates this information as each client case is concluded, which avoids firms waiting until the end of their six month reporting period to collect this data, which would be both complicated and time consuming.”