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Advisers unprepared for MER

38 per cent of advisers have done nothing to prepare for the FSAs new mandatory electronic reporting regime, according to research from technology firm 1st.
The survey also shows 13 per cent of firms have not even heard of online reporting which has been in place since July 1, although the first deadline for submissions has been put back from August 11 to September 9.
1st surveyed 200 advisers about how prepared they where for the new regime. 46 per cent of advisers have started to prepare for MER and only 16 per cent have a solution in place.
1st executive chairman Rory Curran says: “The results of the poll are quite concerning, particularly since firms who fail to submit reports online at the required time will be subject to fines and enforcement action, which could include removal of their regulatory status.”

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