Legal challenges possible over electronic reporting

The FSA may not be able to prove whether information submitted through electronic reporting is correct or when it was sent, and could therefore lead to legal challenges, according to an IT expert. Speaking at the IFAonline Technology Day, Richard Campbell, director of business development at Milvus Software - a firm which is also a member of the IT trade body Intellect UK – says despite initial consultation with software and technology firms, the FSA has created a web browser Mandatory Electronic Reporting system which does not allow companies to time-stamp their submissions or prove reg...