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Dear [FIRSTNAME],
As you are aware, your Newsletter puts together published information from a wide range of sources that should be brought to the attention of Intermediaries in all sectors. We also include in the email important information that has not been and may not be published. This week all authorised firms may do well to note the FSA’s change of usage for your RMAR data.
Briefly:
- All RMARs are checked for accuracy
- All are compared with Company House data
- 10% differences ( to allow for timing) are acceptable but everything else will be challenged
- Every RMAR is ‘tested’ with other data that the FSA receives from a variety of sources.
- Results will be risk rated 1 – 10 with 1 low and 10 high.
- Any firm with a risk rating of 5 or more will be ‘visited’
- A visit will be both intensive and intrusive
We have participated in visit case studies with the FSA and although the FSA insists that they are not rude or abrasive, they are certainly very intensive and usually end with the FSA’s description ‘An uncomfortable meeting’.
All RMARs should be a well practised routine from timely information gathering through to submission well before the deadline. The FSA found that only 33% of firms submitted accurate and timely data. 50% of firms were misreporting capital deficiencies and 15% of firms were attempting to mislead the FSA. Please remember that your helpline can be used to answer many of your RMAR questions and as a firm we do run a pro-active RMAR service which some firms may find very convenient and cost-effective.
The Newsletter is reporting FSA intervention and fines for Swintons for ‘assumptive sales’ of PPI and GMAC RFC for unfair treatment if its mortgage customers.
It is likely that all firms will be quite pleased to read the news on page 5 as we are all banking customers and the FSA is at least trying to get us better service from the banks. We look forward to seeing the results.
If we can be of further service on this or other matters we look forward to hearing from you and please remember your helpline 08456 121211 or email admin@ifact.co.uk for a without obligation conversation.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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QBE Insurance (Europe) Limited “QIE” (No. 1761561) is authorised and regulated by the Financial Services Authority. Ensign is a trading name of QIE. Limit Underwriting Limited “LUL” (No. 1035198) is a managing agent for Syndicates at Lloyd’s and is authorised and regulated by the Financial Services Authority. DA Constable Syndicate Limited (No. 2262145) and Limit Technology & Commercial Underwriting Limited “LTCUL” (No. 3515409) are appointed representatives of LUL. Icon Insurance and Praemunio are trading names of LTCUL. QBE Management (UK) Limited (No. 3153567) is a service company and QBE International Holdings (UK) PLC (No. 2641728) is the holding company for QBE European Operations, a division of the QBE Insurance Group. The above companies are registered in England and Wales at Plantation Place, 30 Fenchurch Street, London EC3M 3BD. QBE Reinsurance (Europe) Limited (No. 53272) is registered in the Republic of Ireland at St. Stephen's Green House, Earlsfort Terrace, Dublin 2.
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