The results have come on the back of the FSA stressing the importance of timely regulatory reporting – warning of financial penalties to be imposed on late submissions, exclusively revealed by Mortgage Introducer last week. Submissions are due from July 2005 onwards, depending on a firm’s accountancy reference date.
The Quarterly Pink 1000 Index posed the question of RMAR regulatory reporting awareness to a cross-section of brokers. A quarter were unaware of it.
A further 25 per cent were aware of the reporting but had not yet done anything about it and 50 per cent were aware and had been making the required moves.
Tony Jones, managing director of Pink Home Loans, said: “The fact that a quarter of brokers surveyed are unaware of RMAR is disappointing but not totally surprising after attending some FSA seminars.
“The impression I get from brokers is they are spending more time writing less business and are possibly leaving reporting procedures until the last minute. But they must be made aware that this is an area that the FSA will come down swiftly and heavily on.”
Ben Stafford, policy officer at the Association of Mortgage Intermediaries (AMI), said: “This is still an issue. I can’t stress how important it is for intermediaries to grasp the reporting guidelines and quickly.”
The Pink 1000 Index also asked brokers as to their understanding of the ‘Treating Customers Fairly’ (TCF) principles. 8 per cent reported that they’d never heard of it; 18 per cent knew about it but didn’t really understand it; 54 per cent understood the principles behind it and 23 per cent said they had a good understanding.
The FSA is due to publish further TCF guidelines this month specifically aimed at smaller firms to assist them in abiding by these principles.
