New RMAR section dubbed 'unworkable'

Financial planning software provider JCS argues 'Section K', a new segment added to the RMAR to reflect the incoming adviser charging rules, has made it extremely difficult for firms to accurately report their income. The Financial Services Authority (FSA) originally proposed firms report revenues based on receipt of payments. However, it later changed this requirement so firms can record income based on invoices raised. But Barry Pitfield, the managing director of JCS, said this is a problem because invoices do not specify how a payment is made - a key requirement for Section K. ...