Oops! FSA gaffe on VAT sends advisers scurrying

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...