The Association of Independent Financial Advisers has submitted a paper to the Financial Services Authority highlighting the common problems members have reported in relation to the Retail Mediation Activities Return (RMAR).
Aifa says the problems following the introduction of RMAR – a set of data requirements forming the basis of firms’ regulatory reporting to the FSA via the Firms Online system – are “numerous and vast” and it has received a considerable number of calls for advice and assistance. In particular, many firms have found it impossible to complete the forms without the assistance of their accountant or outsourced compliance, and Aifa says such support cost one IFA firm with three advisers £900. It states: “The cost to small IFAs for submitting the RMAR twice a year is unacceptably high and me...
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