The FSA is unlikely to pursue plans to collect transactional data on advisory businesses from product providers, platforms and third party distributors via product sales data (PSD), the regulator suggested today.
In a policy statement on data collection, published today, the regulator said it was concerned data from providers would only capture adviser charges facilitated through them and would miss charges paid directly to the intermediary.
The FSA has already set out rules requiring firms to break down their adviser charging revenue on twice-yearly RMAR forms by type of advice (independent or restricted), type of service (initial or ongoing advice); and payment mechanism (directly from clients, facilitated via product providers or platforms).
But it also planned to supplement this by collecting extra transactional data from providers and platforms.
It discussed attaching the information to individuals' reference numbers (IRNs) so it could build a picture of what intermediaries were selling on an individual basis.
But it has put these plans on hold while it assesses other ways of collecting transactional information, the FSA's head of investments policy Peter Smith said.
The development is part of wider plans to collect extra data on firms and individuals post RDR to make sure its new rules are being followed.
As well as collecting extra information via the RMAR forms, it has also set out new reporting rules for firms whose advisers have been the subject of complaints.
Ceremony will take place 13 November
300 organisations signed charter
Tough year for the sector
Targeting annual yield of 4%