Financial services firms are being advised to carefully prepare for the FSA's new electronic reporting requirements, as firms are expected to disclose information from July 1st which is equivalent to a six-monthly FSA visit.
Speaking at the FSA’s first retail intermediaries conference in Birmingham, Charles Woods, manager of the FSA small firms division, revealed in a brief overview of the new Integrated Regulatory Returns website, the FSA will be gathering a firm’s product sales data, complaints, standing data and requires financial intermediaries meet its Retail Mediation Activities Return requirements on a six-monthly basis. However, Simon Collins from the recently-formed Association of Professional Compliance Consultants, also warned the work required to meet these reporting requirements is substantially...
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