The FSA has extended the deadline for firms' submission of their RMAR reports due to problems firms have experienced submitting their returns on time. The extension date depends on when the firm is due to submit their reports.
One firm that contacted Mortgage Introducer said they were due to submit their RMAR on 11 August 2005, but with this new extension, it can now submit its report by 9 September 2005.
The regulator said that good progress has been made and a large number of firms have either submitted their data or are in the process of completing their returns.
However, this is the first time the FSA has introduced tailored electronic returns and, as with any new system, there are some teething problems which it is working hard to resolve. It also realises this is a significant change for firms and wants to do as much as possible to help firms submit their returns on time. In recognition of this it has decided to extend the due date.
From 1 July 2005 mortgage and general insurance firms and personal investment firms are required to submit their regulatory returns via the Firms Online system.
The FSA said firms should ensure they submit their returns by the new deadline. Failure to do so will result in the firm being charged an administrative fee of £250.
