The Financial Conduct Authority (FCA) has confirmed changes to the way it collects data from advisers in order to simplify the process, including by allowing them to report charging data on either a cash received or accruals accounting basis.
The regulator said it expects the new streamlined approach to data collection to halve the industry's annual £2.6m reporting cost, though Phil Billingham of the Phil Billingham Partnership dismissed this figure as "imaginary" while welcoming the changes. Plans to overhaul the Retail Mediation Activities Return (RMAR) rules were initially announced by the FCA last September, but advisers hit out at the changes calling them "burdensome", "nonsensical" and even open to abuse. As a result, the regulator said in November it would review the changes. After consulting with the industry, i...
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