CP14/5: Changes to regulatory reporting: Adviser and consultancy charging, Authorised Professional Firms (APFs) and Product Sales Data (PSD)

This Consultation Paper (CP) forms part of our ongoing review of reporting as part of our data strategy.  This is consistent with the FCA’s commitment to ensuring the data we collect from firms is proportionate and traceable to a defined FCA need.   

Why are we publishing this consultation paper?

We are proposing a number of changes to the data we collect from certain regulated firms through the Retail Mediation Activities Return (RMAR) and annual questionnaire for Authorised Professional Firms (APFs).

We currently collect adviser charging and consultancy charging data from investment advice firms through Sections K and L of the RMAR.  Based on feedback from firms, we are looking to:

• provide greater clarity around the adviser charging data that firms should report through Section K of the RMAR
• introduce changes to how we collect this data with the aim of reducing the reporting obligation for firms
• retire Section L of the RMAR, which relates to consultancy charging.

We are consulting to revise the reporting requirement and bring the annual questionnaire completed by APFs into GABRIEL as a new form.

We are also consulting on a minor change to the submission of Product Sales Data (PSD), which we hope will improve clarity around the PSD reporting requirements.

Consultation paper 14/5[1]

Who is this CP aimed at?

This CP will be of interest to:

• Firms that provide personal recommendations to retail clients in relation to retail investment products, give advice, or provide services, to an employer in connection with a group personal pension scheme or group stakeholder pension scheme.
• Authorised Professional Firms subject to the reporting requirement in SUP 16 Annex 9R.
• Any firms who are or will be subject to the Product Sales Data requirements in SUP 16.11.

What are the next steps?

We want to know what you think of our proposals. Please use the online response[2] form or write to us at the address on page 2 of the paper.

Please send us your comments on:

• questions 6, 7, 8, 11 and 12 by 7 April 2014
• questions 1, 2, 3, 4, 5, 9, 10 and 13 by 6 June 2014.

We will consider the feedback received and publish a Handbook Notice policy statement in late 2014.

Want to find out more?

For more information:

• view the FCA Handbook[3]
• FCA data strategy[4]
• CP11/8 - Data Collection: Retail Mediation Activities Return and complaints data[5]
• PS11/13 - Data Collection: Retail Mediation Activities Return and complaints data - feedback to CP11/8 and final rules[6]