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IFAs unaware of regulatory returns

The Society of Mortgage Professionals is raising concerns about IFAs’ lack of awareness of new FSA regulatory returns reporting requirements.

The SMP is sending out a guidance note to members highlighting the FSA’s re- quirement as of April 1 for regulated firms to report in-formation about themselves and their activities to the regulator.

The reporting regime is designed to enable the FSA to monitor adherence to threshold conditions and specific rule requirements and identify trends within individual firms and in the market.

Society of Mortgage Prof-essionals chief executive Richard Fox says: “I am very concerned that many practitioners are unaware that these requirements are now in force. Ignorance will not be an excuse, firms who fail to submit their data within the permitted timescales will find that the FSA has the power to impose financial penalties and other disciplinary sanctions.

“The information will be used to identify firms on which to focus regulatory activity, calculate periodic fees and payments to the FOS and FSCS, so it’s vital for Society members to ensure that their firms get their returns in.”


‘Pay more attention to losses’

Multi-managers should focus on the maximum losses suffered by funds in their portfolios to best manage risk, says Dutch multi-manager Insinger de Beaufort.


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