An adviser has complained to the Financial Conduct Authority (FCA) following an hour-long phone conversation about Retail Mediation Activities Return (RMAR) reporting that led to an agreement over accounting rules that was not "entirely logical".
Facts & Figures Financial Planners managing director Simon Webster phoned the FCA to discuss new accounting rules which demand adviser charges are accounted for on an accruals basis. He argued that reporting revenue as soon as an invoice is issued irrespective of whether cash was received, was difficult as his firm's systems were geared towards accounting for income after it was received. The regulator told him that he needed to report his adviser charges on an accruals basis and everything else on a cash basis but Webster argued the agreement would make his RMAR report misleading. ...
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