FSA bans nine firms
The RMAR is a compulsory document which provides the regulator with data so it can monitor the activities being undertaken by firms and it is the first time the regulator has taken enforcement action against intermediaries for non-submission of the RMAR.
The firms involved include six general insurance firms, two financial advisers and one mortgage firm. The RMAR contains key business data that forms the basis of Integrated Regulatory Reporting (IRR) by intermediary firms. The FSA introduced electronic IRR in April 2005 to streamline the regulatory reporting process.
Jonathan Phelan, head of department in the enforcement division at the FSA, said: “Regulatory reporting is essential to monitor firms effectively and to ensure fair and efficient markets. We give firms every chance to complete the RMAR on time and provide information, guidance and reminders of when the returns are due. Firms must take the submission of the RMAR seriously.”
The new way of reporting is designed to be simpler to complete, tailored to each firm's business and to make it easier for firms to do business with the FSA. The financial watchdog has introduced various initiatives to help small firms complete the RMAR, such as web-based training, webpages, guides and information.
The nine firms banned by the FSA were:
– Ascot Cars (Hants) Limited, Hook, Hampshire
– Baycover Performance Cars and Motorcycles Limited, Lowestoft, Suffolk
– C V Southerden & Co, Slough, Berkshire
– Eurotec 97 Limited, Hayling Island, Hampshire
– Daniel Weir trading as Kennedy Cars, Baillieston, Glasgow
– Portmans Estate Agents Limited, Wembley, Middlesex
– Thames Mortgage and Insurance Consultants, Teddington, Middlesex
– Trudanna (Life and Pensions Consultants) Limited, London W1
– Simon Neil Limited, Manchester, Lancashire