FSA "does not understand burden of reporting" - survey

Criticism of the FSA rules on reporting a firm’s financial returns and associated paperwork centres on the contents of PS 04/09 issued in March 2003, which requires all small intermediary firms to submit financial returns every six months – known as the Retail Mediation Activities Return – with mortgage data every three months – for the Mortgage Lending and Administration Return – along with Product Sales Data. From April 2005, intermediaries will have to begin reporting any details of business such as long-term care business conducted and associated regulatory data, followed by a requir...