View more on these topics

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.”


Slovenian and Croatian property fund launches

Euro Property Prospects has launched the Adriatic Sub-fund, which will invest 75 per cent in Croatia and 25 per cent in Slovenia. Croatia and Slovenia, both states of the former Yugoslavia, have experienced growth in their tourist and property markets since war ended in1995. House prices in Croatia are still well below pre-war levels, while […]


News and expert analysis straight to your inbox

Sign up


    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