The deadline, put back to 9 September applies to brokers with financial year ends of 30 June 2005 and later, and also to firms with a 31 December 2004 year end for their half year return.
In welcoming the news, Gary Dixon - managing director of Compliance.co.uk said: “This is a welcome move. The online return is a long and complicated document, and I am sure the FSA is being swamped with queries from firms about filling it in.
“However, brokers and others should nonetheless aim to get the submission completed as soon as possible and not leave it for their return from holiday in September. Getting the data is time-consuming and entering it can be a complex task – hence why the deadline has been put back.
“The return requires significantly enhanced financial information which many firms may not have had in place before. This interpretation as well as potential problems logging onto the system means users are well advised to approach future returns early enough to handle any problems that may arise. My concern is that many smaller and medium sized brokers aren’t in the habit of producing their own management accounts during the course of the year and the collation of the information within the timeframe –30 working days - will be causing an enormous headache for the average broker.
“There will no doubt be another huge rush from last-minute entries at the start of September and the FSA’s system will probably again suffer enormous pressure under the deluge.
“Firms that miss the 9 September deadline may be subject to a fine (referred to as an “administration fee” by the FSA) of £250 and extra financial penalties which could potentially exceed £6,000 for some larger firms as well as an increased bill from their accountants.”
