FSA warns reporting rules due to change

The FSA has warned intermediaries that the reporting rules for the FSAVC mis-selling review will change on 1 December, the date of N2. It said that reports returned late from intermediaries will be subject to a new sliding scale of financial penalties. The amount that a firm pays will depend on how late its returns are and the annual level of fees payable by the firm to the FSA. The regulator gives the example of a small firm receiving a £100 penalty for a return that is five days late and £400 penalty for a return that is 25 days late. Firms that have 50 FSAVC cases or less will be abl...