FSA bars nine small firms for failure to submit RMAR

The barred firms include six general insurance firms, two financial advisers and one mortgage firm. It is the first time the FSA has taken enforcement action against intermediaries for non-submission of the RMAR, which contains key business data forming the basis of Integrated Regulatory Reporting (IRR). Jonathan Phelan, head of department in the FSA’s enforcement division, says: “Regulatory reporting is essential to monitor firms effectively and to ensure fair and efficient markets. We give firms every chance to complete the RMAR on time and provide information, guidance and reminder...