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FSA spells out electronic reporting regime

The FSA has outlined its new electronic reporting requirements ahead of implementation of integrated regulatory reporting from July.

Speaking at the retail Intermediaries Sector conference, small firms division manager Charles Wood said the changes would cut FSA costs which would be passed on to the industry.

The date for first submission of retail mediation activities returns, the reports which advisers are required to submit detailing transactions on behalf of clients, will depend on the end of a firm’s tax year, with year-ends after July to be submitted electronically.

RMARs will then have to be submitted every six months or every three months for firms with turnover of over 5m. Small firms with turnover of less than 60,000 will be exempt from having to report their first half-yearly report. Firms not complying with the dates will be fined 250 and enforcement action will be taken after 28 days.

Wood said: “Routine FSA visits can be cut down because of the data provided by these reports.”

Association of Professional Compliance Consul-tants Simon Collins said: “Firms should treat this as six-monthly virtual visits from the FSA.”

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