New details the FSA requires from firms about its individual advisers will be collected on a quarterly basis, the regulator says.
It proposes collecting from firms details including an adviser's qualifications status and the date the adviser began advising in a bid to "build a profile" of individuals.
Firms would need to send in one notification per adviser each year at a cost of £25 each. However, where there is a change to an adviser's details, updates would need to be sent quarterly at £25 per notification.
Businesses already send the FSA details such as profit and loss accounts, as well as complaints data, via the Retail Mediation Activities Return (RMAR), which is submitted electronically half-yearly.
On top of personal data about advisers, the regulator is also consulting on capturing more information about advisers' transactional activity.
It says it may ask firms to submit to providers advisers' individual reference numbers (IRNs) which it can then match with product sales data (PSD) returns.
Alternatively, it says sourcing transactional data from adviser firms may be a more effective approach.
But the Association of IFAs (AIFA) says the FSA needs to provide more detail on how much data it wants to collect on separate transactions.
Policy director Andrew Strange says: "Are we talking about the details behind all the millions of transactions that take place each week? Would it include increments?
"Is there a debate to be had here about the role of platforms, and what they could bring to the role of data collection?"
The FSA says it intends to start using the data sent to it by firms from 1 January 2013, but firms can respond to the proposals on the FSA website.
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