The Association of Professional Financial Advisers (APFA) has endorsed the regulator's show of interest in the issues firms are facing with Retail Mediation Activities Return (RMAR) reporting but warned that more work needed to be done.
Senior technical adviser Linda Smith said the terminology that the Financial Conduct Authority (FCA) had introduced in its RMAR overhaul following the Retail Distribution Review (RDR) was so confusing that even accountants found it difficult to know how to fill the reports in. She said: "People are misunderstanding the terminology and a lot of accountants don't understand it either. So advisers have got accountants to help them yet they are still having problems doing it." Smith endorsed the fact that the regulator was looking into the issue but she said the paper issued on Wednesday,...
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