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Aifa looks for electro extension

Aifa will lobby for an extension of mandatory electronic reporting deadlines if it finds evidence that technical problems on the FSA’s website have impeded advisers from filing on time.

Aifa director general Chris Cummings says it told the regulator several weeks ago that the date on the forms has to be input using the American format, where numbers for month and day are the opposite of the system in the UK.

He says it has also informed the FSA of other member issues such as problems with system overloading and the overly complicated language used.

The FSA says it has recently corrected the American date problem and wants to hear about any other issues advisers have been having with the new reporting regime.

The first deadline is August 11 for firms with a year-end after June 30. Those failing to meet the deadlines will incur a 250 penalty and/or enforcement action.

Cummings says: “If we find out that problems with the FSA mandatory electronic system were stopping advisers from submitting their reports on time we will be vigorously lobbying for extensions and a more pragmatic approach to the issue.”

FSA spokesman Robin Gordon Walker says: “There was an issue with having to use American dates but we have rec- ently corrected the problem.”

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