Firms must submit new adviser details quarterly

In its latest RDR paper, the FSA outlines how it intends to use more data to help it supervise the professional standards of individuals. It proposes collecting from firms details including an adviser's qualifications status and the date the adviser began advising in a bid to "build a profile" of individuals. Firms would need to send in one notification per adviser each year at a cost of £25 each. However, where there is a change to an adviser's details, updates would need to be sent quarterly at £25 per notification. Businesses already send the FSA details such as profit and loss ...