FCA agrees to simplify RMAR

The regulator launched a consultation last week to address advisers’ complaints over section K of the retail mediation activities return (RMAR), which requires firms to provide data on payment methods.

The FCA has now proposed that advisers report charging data annually, rather than every six months, and will allow firms to complete section K on a cash or accruals accounting basis.

It also intends to “streamline” the form and clarify field labels used on the reporting forms.

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The proposals have been outlined in a 30-page document, entitled Changes to regulatory reporting, which was issued after the FCA was forced to publish an interim technical note in November to help advisers navigate the new requirements.

The guidance in that eight-page document will now be incorporated into the FCA Handbook for advisers to consult in future.

Adviser view

Steve Laird, director of Belfast-based Carrington Wealth Management, said that a refund issued by the City regulator (over his RMAR submission) took “several months”. He said: “This is an example of the FCA coming down on me like a ton of bricks for a supposedly late submission, but not coming forward with refunds when the error is actually on their part.”