Adviser fights FCA over 'illogical' RMAR reporting

Facts & Figures Financial Planners managing director Simon Webster phoned the FCA to discuss new accounting rules which demand adviser charges are accounted for on an accruals basis. He argued that reporting revenue as soon as an invoice is issued irrespective of whether cash was received, was difficult as his firm's systems were geared towards accounting for income after it was received. The regulator told him that he needed to report his adviser charges on an accruals basis and everything else on a cash basis but Webster argued the agreement would make his RMAR report misleading. ...