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FSA factsheet for IRR

The FSA is today sending firms a factsheet explaining how arrangements for Integrated Regulatory Reporting will work.

From July 2005 firms must submit reports electronically with the time scale depending on a firms accounting reference date.

Small firms, with turnover of less than 60,000, will be exempt from having to submit their first half-yearly report.

FSA director Graeme Ashley-Fenn says: “These new reporting arrangements are essential for the cost effective monitoring of the many thousands of firms in retail financial markets particularly those who have come under our scope since we started to regulate mortgage and general insurance business.”

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