RMAR Gains Intelligence

At a recent event held by the FSA for Compliance Consultants they revealed that the RMAR now has a believability factor built into it. If a submission by a firm fails this test, within 4 weeks the FSA will obtain company accounts from Companies House, (if Ltd), look at product sales data from product providers and review the Elixiar system to verify the correct information. If in the past you have not been as accurate with the figures and at times creative then let this be a warning. You must be able to prove and back up the data you enter on the RMAR. It is number 11 of the FSA principles that a Firm must deal with its regulators in an honest and open way. On a disappointing note the FSA also mentioned that they have now moved from a process of ‘supervision’ with small firm to ‘enforcement’. No longer working with firms they will go straight for the enforcement process. It appears they are trying to show a tougher stance in response to criticism received over their many failings in regulating the financial services industry.

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