The Financial Conduct Authority (FCA) is looking at bringing back reporting on a cash-basis for advisory firms in their Retail Mediation Activities Returns (RMAR), its head of savings, investments and distribution said today.
David Geale said the regulator would look at aligning advisers' accounting methods to make it easier for them to submit their data, after it realised new RMAR reporting had caused concerns in the industry. He said the regulator realised the new rules, brought in after the Retail Distribution Review (RDR), had not achieved its "desired effect" of making it clear and easy for firms to report their RMARs and that it was looking to "fix" that. >>Read one adviser's struggle with 'illogical' RMAR rules < < Geale said: "For the next year we will look to make [filing accounts data] easier s...
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