View more on these topics

FCA cancels IFA’s permissions for failing to submit RMAR


The FCA has cancelled an adviser’s permissions for failing to submit his regulatory return.

Derbyshire-based IFA David Stanley Mather ignored “repeated requests” from the regulator to complete his Retail Mediation Activities Return.

According to the FCA’s register entry, Mather was the only adviser at his firm DSM Financial Planning, and advised on investments, mortgages and protection.

The FCA’s decision notice says: “Mr Mather has failed to comply with the regulatory requirement to submit the RMAR. Mr Mather has not been open and co-operative in all his dealings with the Authority, in that he has failed to respond adequately to the Authority’s repeated requests for him to submit the RMAR.

“These failures, which are significant in the context of Mr Mather’s suitability, lead the Authority to conclude that Mr Mather has failed to manage his business in such a way as to ensure that his affairs are conducted in a sound and prudent manner, that he is not a fit and proper person, and that he is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which Mr Mather has had a permission.”

The RMAR forms part of the FCA’s Gabriel reporting system. Advisers have to complete it twice a year, or quarterly if they are capital adequacy directive-exempt or Mifid firms.

The numbers game

According to a Freedom of Information Act request by Money Marketing, since April 2013, the FCA has cancelled the permissions of 17 firms that failed to submit one or more regulatory returns.

Five of these had at least one person approved for the CF30 function required by advisers.

The FCA can levy a £250 administrative fee for late Gabriel submission, but the regulator says it has not fined any firms for late or non-submission through its enforcement team however.

The FOIA response reads “The only action taken for continuing non-submission is cancellation of a firm’s authorisation.”

The FCA was unable to say how many advisers had had to pay the £250 administration fee however due to the time needed to check records manually which exceeded the limits of the FOIA.

The FOIA response adds: “During the relevant period a total of 12,922 invoices were issued, of which 1,391 have been subsequently credited. To determine whether any of those invoices relate to a financial advice firm as defined in your request, we would need to examine manually the individual records of each firm.”



Data overload: What is the FCA doing with regulatory returns?

Advice firms and the wider profession have called on the FCA to provide more insight into what it does with regulatory returns as questions are raised about whether the data is an effective part of the supervision process. The FCA’s reporting system Gabriel, which stands for “gathering better regulatory information electronically,” is intended to do […]


FCA to reveal how it uses Gabriel data

The FCA is set to publish a guide on how it uses the data advisers submit in regulatory returns. In its monthly round-up ,published yesterday, the regulator says after speaking to advisers at its Live and Local engagement events, it found firms wanted to know more about how the FCA uses the data they provide […]


Gabriel is no angel for advisers

There are times when I do not envy the lot of advisers. The time when the inevitable, presumably heart-sinking feeling sets in when yet another bill for the Financial Services Compensation Scheme comes through is a case in point. Grappling with regulatory returns and compiling the myriad data sets required by the FCA every six […]

Phone - thumbnail

Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

Who pays inheritance tax and how to declare it

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays inheritance tax (IHT).  To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. The FCA was unable to say how many advisers had had to pay the £250 administration fee however due to the time needed to check records manually which exceeded the limits of the FOIA.

    Surely this would be logged somewhere as it would indicate a systems failure at the firm and therefore should flag as a potential issue. If it is logged, then they should be able to identify firms. Or do the FCA not really care if you miss the deadline.

    I wonder how many times the FCA actually release information under a FOIA request, or do they constantly rely on ‘its a manual task the cost of which exceeds the maximum’???

    I wonder if they woud be able to identify how many FOIA requests they action and decline. I suppose that would be a manual trawl through thousands of records as well!

  2. Somebody else decided he’d had enough. Obviously much easier to have permissions cancelled than go through the 1 million hoops to wind down in a proper manner. Is there something wrong with the system????

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm