Time well spent? APFA laments RMAR workload

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...