Firms unsure of projected turnovers
The advice comes as a number of firms are in the midst of completing their RMAR for the second period. Industry concerns have arisen that businesses have been hit hard due to the FSA fees being based on previous turnover projections given to the regulator.
But Bill Warren, director of The Complete Network, said: “The FSA has not been too unreasonable in this area and to the best of my knowledge has tried to advise firms who may have overstated their initial projected turnover, which has resulted in larger fees.
“If firms are unsure of their projected business turnover I urge them to look carefully at the FSA’s online help tool and its general guidance notes on RMAR reporting. Using a tailored approach will benefit firms and in the long run could work in their favour.”
Tony Jones, managing director of Pink Home Loans, commented: “A number of firms may have overestimated their projected turnovers as the market did not perform as well as expected. I would like to see a cost-benefit analysis from the FSA but ultimately employing skilled people and the liabilities attached to compliance procedures aren’t cheap.”
However, Thomas Reeh, chief executive of blackandwhite.co.uk, was more critical, claiming intermediaries weren’t getting full value for their fees. He said: “Compliance is an expensive area and one that can’t be scrimped upon but the amounts paid seem excessive. The FSA promotes the fact it is an industry watchdog but to earn its fees it should become more of an industry guide-dog.”