View more on these topics

FSA to crackdown on poor RMAR submissions

The FSA is consulting on introducing a penalty administration charge for firms who persistently fail to properly submit their Retail Mediation Activities Returns.

In its regulatory fees and levies consultation paper, published today, the FSA says it spends a considerable amount of resources dealing with firms who repeatedly fail to fill in the RMARs adequately.

It says this means firms who fill in the forms properly are in effect subsidising the minority who fail to do so.

It says over the coming months it will implement a number of initiatives to educate and encourage poor reporting firms to improve the quality of their submissions.

But it says if these initiatives do not work it will propose to consult on raising the administrative charge on such firms. It says a similar approach has been successful in improving submissions arriving on time. Firms are fined £250 for late submissions.

The paper says: “We intend that any administrative charge would recover the average costs of dealing with the persistent poor reporting of the RMAR and it would not represent a financial penalty under our Enforcement procedures. Enforcement action would therefore still be available.”

Recommended

Hudson backing tougher cash rules

Tenet chief executive Simon Hudson has supported the FSA’s proposals to raise advisers’ capital adequacy requirements, saying too many firms are in position where they can be wiped out by just one or two complaints.Speaking at the Money Marketing Live panel debate on the retail distribution review, Hudson also questioned whether personal assets should be […]

Martin is taking over from Gale at Sesame

Sesame chief executive Patrick Gale is to quit next month after seven years at the firm.Non-executive chairman Ivan Martin will take over running the business and the role of executive chairman.Gale says, having seen the Friends Provident deal through, he is seeking a new challenge.Martin was chief executive at Misys Banking Systems, standing down in […]

1

Axa’s wrap to lift off in 2008

Axa’s wrap platform is to be branded Elevate and will roll out to the whole market during 2008. Elevate will offer dual pricing to give advisers full flexibility over charging structures.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com