Time well spent? APFA laments RMAR workload

Nicola Brittain
clock

Time spent completing the regulator's retail mediation activities return (RMAR) forms is costing the industry millions, according to the Association of Professional Financial Advisers(APFA).

Citing research conducted by NMG Consulting, APFA said firms spend on average 24 hours per year completing the forms, which equates to about three days' work for each business. Based on a conservative estimate of half of adviser hours being chargeable - at an estimated rate of about £165 per hour - it added this meant a total cost for the industry of RMAR reporting of about £10m every year. APFA said the figures expose the extent to which the reporting requirements placed upon advisers by the Financial Conduct Authority are affecting their workload. APFA policy director Chris Hanna...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read