The FSA is urging firms to submit details on advisers who have the met the RDR professionalism and qualification standards after around 15 per cent of firms failed to meet last month’s submission deadline.
The regulator wrote to firms in December and again on 9 January requesting professional standards and complaints data for each adviser to be submitted by 29 January. The FSA was forced to reissue the reminder letters after a “systems error” saw 6,000 firms receive letters which quoted incorrect firm names and reference numbers.
Firms are required to provide qualification details for each of their retail investment advisers via an FSA template.
An FSA spokeswoman says: “Quite a number of firms and all of the accredited bodies have provided us with these details. However, a significant minority of firms have yet to provide us with this data.”
She adds this means the data coming in from the accredited bodies is higher than that submitted by firms.
She says: “We would like to encourage firms to provide this data, as by not providing this they are in breach of our rules.
“If advisers have taken the time and spent the money in order to get qualified, then they should want us to know about it.”
Advisers have told Money Marketing they have received emails from the FSA saying they have missed the submission deadline and are in breach of regulatory rules, despite having submitted their professionalism data to the regulator.
The FSA is still in the process of manually checking firms’ submissions against those by accredited bodies, and says it stands by the 15 per cent figure.
A spokeswoman says: “We are aware of some circumstances where firms have submitted their data to us but have still received an alert to say they have not. This is an error for which we apologise, however there is still a significant minority of firms who have not submitted their data to us, and they should do so as soon as possible.”