The FSA may levy an administrative charge on firms that persistently submit poorly completed Retail Mediation Activities Returns (RMARs).
The proposal was contained in a consultation on RMARs, a set of data that forms the basis of regulatory reporting to the FSA, published today. The charges would affect retail investment, mortgage and general insurance advisers. The FSA says it will educate and encourage advisers to improve their RMAR submissions in the coming months. It says it will consider charging a levy to firms if the number of poor submissions does not fall. The regulatory fees and levies paper for 2008 and 2009 also included plans for the introduction of special project development costs related to Solvency II in...
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