Firms warned that they should be collecting regulatory information now
Biba has warned brokers that they risk being targeted by the FSA if they do not submit their initial regulatory returns on time.
From July 2005 brokers must submit the half-yearly reports, known as Retail Mediation Activities Returns, which include financial information and conduct of business data.
Biba regulation and compliance manager Steve White said: "For the majority of brokers, data reporting is the main method of contact with the FSA. One of the best ways to keep them at bay is to put in compliant data returns."
White warned that brokers should be collecting the data now. "The FSA requires data to be collected from 1 April. Brokers need to know what should be sent, when they have to report and how to report."
He added that it was difficult to gauge how prepared brokers are for the process.
"The FSA road shows have sold out quickly, so there is interest from brokers. But I am not getting many calls asking about it, which means either everyone is up to speed or it is not on their radar."
An FSA spokesman said: "Reporting is absolutely crucial as smaller brokers do not have an individual supervisor."
What brokers must submit to the FS
Financial information, including client money accounts and balance sheets
Confirmation of compliance with the FSA's threshold conditions
Information on training and competence of staff
Conduct of business data, including the monitoring of any appointed representatives
Information about complaints