Directly authorised (DA) firms are being offered software to meet the new Retail Mediation Activities Return (RMAR) reporting requirements introduced under the Retail Distribution Review (RDR).
The new reporting requirements oblige firms to record detailed information about the number of clients for whom they provide on-going and ad hoc services as well as information about revenue from adviser and consultancy charges.
Adviser support group Tenet has been working on creating a solution which supports directly regulated adviser firms to meet the new reporting requirements, helping to reduce impact on the time to administer.
This will be available to all directly authorised firms, irrespective of whether they currently buy services from Tenet.
The online application captures information on an on-going basis and automatically apportions fee income to the correct industry fee block used to calculate firm’s FSA fees and industry levies. When firms reach the point where they need to submit their RMAR, they run an inbuilt report that provides all the information, correctly structured to populate sections K and L of the report, where a significant amount of additional data is now required.
“The additional burden that these new reporting requirements place on directly authorised advisers is considerable and we believe that the introduction of this system will help advisers keep on top of constructing and submitting their firm’s returns on time,” said Tenet Group distribution and development director, Keith Richards.