1st asked over 200 adviser firms how prepared they were for the FSA’s new mandatory electronic reporting regime.
The FSA requested all advisers should start to collect the required information for online reporting from April 2005 - in preparation for the first electronic submissions in July 2005.
Despite this, 38% of firms in the 1st Impressions poll admit to having done nothing at all and only 16% said that they were ready and had a solution in place.
1st Impressions – Online Reporting Poll, (Conducted from 1st-15th August 2005)
How prepared is your firm for the FSA’s new Integrated Regulatory Return and Mandatory Electronic Reporting (MER)?
- 13% of firms said that they had not even heard of online reporting
- 38% of all firms admitted that they had ‘done nothing’ to prepare
- Less than half of all advisers (46%) had ‘started to prepare’ for it
- Only 16% of all adviser firms said they had a solution in place
Integrated Regulatory Reporting (IRR) is the approach to regulatory reporting which was introduced following the FSA's 2003/2004 Plan and Budget commitment to streamline reporting requirements for adviser firms. Once registered with the FSA’s ‘Firms Online’ service, every adviser firm will be required to submit an RMAR & Complaint Return twice a year, with reporting dates based on their year-end or accounting reference date (ARD)
Rory Curran, executive chairman of 1st, explains:
“ The results of this poll are quite concerning, particularly since firms who fail to submit reports online at the required time will be subject to fines and enforcement action, which could include removal of their regulatory status. Whilst the concept of submitting data online is to be applauded, with the potential savings in time and administration it should offer, advisers will need help and encouragement to adjust to the new regime.”
