Burdensome and nonsensical: Advisers hit out at RMAR

Retail Mediation Activities Returns (RMAR) are nothing new – the process has been in place for eight years – but recent changes have left advisers baffled. RMAR helps the regulator monitor and challenge the way firms are implementing rules while keeping an eye on their financial soundness. However, the requirements were overhauled late last year to take into account the Retail Distribution Review's (RDR) new adviser charging models. Advisers are not pleased with the results – they have called the outcome "burdensome", "nonsensical" and even open to abuse. They are particularly unha...