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FSA bars nine small firms from doing regulated business

Amanda Jarvis

March 3, 2006

Firms supply this information in their compulsory Retail Mediation Activities Return
(RMAR). This 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, enforcement division, 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, available at:

http://www.fsa.gov.uk/Pages/Doing/Regulated/Returns/index.shtml

The FSA also produces targeted information to help small firms, which
includes dedicated webpages, targeted newsletters, frequently asked
questions and information about training and events, available at
www.fsa.gov.uk/smallfirms.


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