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U-turn brings electro extension

Adviser pressure has paid off with the FSA issuing an extension of its first mandatory electronic reporting deadline due to technical problems with the service.

The U-turn comes two weeks after the regulator told Money Marketing that there would be no extension to the August 11 deadline even though advisers had expressed concern that technical problems with the site were preventing them from completing returns.

Advisers due to submit returns by August 11 will now have until September 9 to complete them and avoid a 250 fine and/or enforce- ment action.

Intellect UK, an IT trade body represented on a mandatory electronic reporting steering committee, says concerns it had with the system were not hee- ded by the FSA. Intellect UK director Nick Kalisperas says he hopes the regulator will now re-engage with the technology community.

The FSA is working with a third party, responsible for building part of the system, to rectify some of the issues although it would not name the company.

Kalisperas says: “The concerns which the industry highlighted have not been taken into account by the FSA. We will be looking to see if the FSA will re-engage with the supply community and we are willing to enter into dialogue and consultation with them.”

FSA spokesperson Sam Bennett says: “We have extended the first deadline to September 9 after realising there have been technical teething problems. We expect the system to be working properly by the new deadline.”

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