The Association of Independent Financial Advisers' announcement, revealing it has highlighted the problems of the Retail Mediation Activities Return (RMAR) to the FSA, has provoked a flurry of responses from IFAs.
Many agree with yesterday's article and argue it is impossible to complete their accounts within the 30-day deadline, which is made worse when the system shuts down or blocks users. Richard Bennett of Delta Financial in Hertfordshire says the system is impossible to use and takes hours to complete. “Our own efforts to complete the form involved myself (the office manager), our managing director (a qualified tax accountant), one of the shareholders who is also a director, the compliance officer and qualified tax accountant. And still we got it wrong! Just to complete the form took two ...
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