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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.”

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