Changes to RMAR Reporting

The FCA has recently announced it is making changes to the method of collection and some of the information it requires to be reported via the Retail Mediation Activities Return (RMAR).

Section K ‘Adviser Charging’ will change for data reported from 31 December 2014. The key differences are:

  • The return will need to be submitted annually rather than 6 monthly as it is now;
  • The information can be submitted on an accruals (when written) or cash (when the money is received into the bank account) basis;
  • The FCA has changed the wording of some questions to clarify what is needed;
  • There is one question asking if the return is for independent or restricted advice or both;
  • There is no longer a need to distinguish the fees facilitated by a platform from those facilitated by a product provider; however those paid directly from clients are still reported separately. 

Some firms will have already noticed that section L ‘Consultancy Charging’ has recently disappeared from the regular RMAR returns and this will remain the case going forward.

The changes are outlined in PS14/13, snappily titled, ‘Changes to regulatory reporting: Adviser charging and product sales data (PSD), including feedback to CP14/5 and final rules’ which can be found here.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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Our View

The FCA has been listening to the industry, making changes that should help those who collate and submit the RMAR.

Every little helps!

 

Action Required By You

  • The person responsible for RMAR should read and familiarise themselves with the document above;
  • Diarise to change data capture systems from 31 December 2014;
  • If you have any questions or concerns please contact your ATEB consultant.   

About the Author

Steve is an ATEB Director and has a deep understanding of all matter regulatory, built up over his 30 years + in the industry. With a training background and a technical brain, he overseas numerous complex projects and client implementation work.

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