RMAR

The Financial Services Authority is in the dock again over its treatment of IFAs regarding Retail Mediation Activities Returns as another firm has complained of poor treatment at the hands of the regulator.

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The Financial Services Authority has barred nine small firms from carrying out regulated business after they failed to submit the Retail Mediation Activities Return (RMAR).

IFAs have criticised the Financial Services Authority for shutting down its Retail Mediation Activities Return (RMAR) site at the weekend, just one week before the reporting deadline.

The Financial Services Authority has given its staff an annual increase in basic salary of 4.5% for the financial year 2006/2007, while increasing its fees to IFAs by 2.5%, but warns this could rise again during the year because of new EU rules.

The Association of Independent Financial Advisers has submitted a paper to the Financial Services Authority highlighting the common problems members have reported in relation to the Retail Mediation Activities Return (RMAR).

The Association of IFAs is planning to release a guide on the new FSA regulatory reporting system in a bid to help intermediary firms complete the required data.

Financial intermediaries may be able to challenge regulatory action taken against them if it is based on data electronically-submitted to the Financial Services Authority (FSA.

Financial services firms are being advised to carefully prepare for the FSA's new electronic reporting requirements, as firms are expected to disclose information from July 1st which is equivalent to a six-monthly FSA visit.