Advisers will have to provide the FSA with data about adviser charging models as part of their regulatory return and submit complaint data at an individual adviser level under proposals by the FSA.
The FSA has published a consultation paper on data collection through the retail mediation activities return and the level of complaint data firms will have to provide about individual advisers.
The regulator plans to extend the level of information collected through the RMAR for all firms that provide retail investment products.
Retail investment advisers will have to breakdown their advising charging structure to notify the FSA whether the firm is providing independent or restricted advice, initial or ongoing advice, and whether payment is collected directly from clients, via product providers or via platforms.
Consultancy charges relating to group personal pension schemes, group self-invested personal pensions and group stakeholder pension schemes will also be subject to the new proposals.
But mortgage brokers and protection advisers, or non-investment advisers, will not come under the proposals.
The FSA says: “The proposed RMAR data will help us to supervise the RDR rules on a business as usual basis from December 31, 2012, at the firm and sector level, and are consistent with the emerging risk model for the Financial Conduct Authority.
The FSA is also planning to link complaint data to investment advisers’ individual reference number, and adding complaints data to existing reporting on individuals.
Firms will have to provide information when a complaint against an adviser involves a claim of more than £5,000, regardless of whether the complaint is upheld or settled.
Firms will also have to report to the FSA when an adviser is the subject of three complaints in any 12 month period.
The consultation period ends on July 8, and a policy statement is expected in the second half of this year. If the proposals are agreed they will come into effect on December 31, 2012.