An apparent mis-type in the FSA's latest policy statement outlining how advisers should in the future fill in their RMAR forms sent some scurrying to their accountants for clarification this week.
Policy paper PS 11/13 outlined how advisers will be required to fill in the twice-yearly RMAR forms from 2013. They will have to include a more detailed breakdown of adviser charging revenue, including type of advice (independent or restricted), type of service (initial or ongoing) and payment mechanism. The FSA stated in the paper that revenue should be reported inclusive of VAT, which it said was in line with general accounting practice. However, it yesterday emerged the regulator had mis-typed that particular paragraph, and that revenue should be reported exclusive of VAT. Th...
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