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.”
The sharpest divide has always been assumed to be between independents and multi-ties.
An IFA for 27 years and a regular contributor to the press, Davidson was a partner in Holden Meehan when it was taken over by Bradford & Bingley to become Charcol Holden Meehan in 2003. When the company was bought again by JS&P in October 2004, Davidson is thought to have told the directors she […]
Offshore funds are often viewed (but not always justly) to be riskier than their onshore counterparts but two recent cases have pushed one IFA to raise awareness of this issue within the advice industry.
Ethical Mortgage Solutions is to be voluntarily wound upfollowing a difficult period of trading since M-Day.Market conditions have meant that the original business model has been difficult to sustain and the response to marketing has been less than expected.But franchisees of Ethical are forming a new business entity together.EMS founder Steve Royal says: “Like all […]
As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.
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