THE FSA has proposed levying an administration charge to firms that persistently submit inadequately completed Retail Mediation Activities Returns (RMARs).
In a newly published consultation paper on proposed changes to its fees policy for 2008/09, the regulator states that a minority of firms persistently repeat the same reporting errors. It states that it has to spend a disproportionate amount of resource dealing with these firms and considers that firms that submit accurate and reliable RMARs are, to some extent, subsidising those that do not. The consultation paper also proposes that the FSA target recovery of additional development costs for its MiFID transaction reporting system - affecting certain firms dealing as principal and recog...
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