The FCA has published Consultation Paper 14/5: Changes to regulatory reporting: advisor and consultancy charging, Authorised Professional Firms and Product Sales Data (CP14/5).
In chapter 2 of CP14/5, the FCA sets out proposals in relation to adviser charging and consultancy charging to:
- provide greater clarity around the adviser charging data that firms should report through section K of the Retail Mediation Activities Return (RMAR);
- introduce changes to how it collects this data with the aim of reducing the reporting obligation for firms; and
- retire section L of the RMAR, which relates to consultancy charging, in light of steps by the Department of Work and Pensions (DWP) which have had the effect of preventing consultancy charges from being deducted from automatic enrolment pension schemes.
Chapter 3 of CP14/5 sets out proposals relating to the annual questionnaire for Authorised Professional Firms (APFs) who are subject to the reporting requirements in the Supervision manual (SUP 16 Annex 9R). The FCA intends to revise the reporting requirements and bring the annual questionnaire into GABRIEL as a new form (which is currently in paper or email form).
Chapter 4 of CP14/5 sets out the FCA’s proposals to make a minor change to the submission of product sales data (PSD), which it intends will improve the clarity for those firms who are or will be subject to the PSD reporting requirements in SUP 16.11.
The deadline for consultancy charging and APFs proposals is 7 April 2014 whereas the deadline for the PSD proposals is 6 June 2014.