Six insurance firms have been barred from carrying out regulated business by the FSA. The regulator claims that the firms have not provided sufficient data in their Retail Mediation Activities Returns (RMARs) to allow proper monitoring of their activities.
The FSA has also barred two financial advisors and a mortgage firm. This is the first time the regulator has taken enforcement action against intermediaries for non-submission of RMARs.
RMARs are used to formulate electronic Integrated Regulatory Reporting (IRR), which was introduced in April 2005 by the FSA to streamline the reporting process.
Jonathan Phelan, head of the FSA's enforcement division, said: “Regulatory reporting is essential to monitor firms effectively and to ensure fair and efficient markets. We give firms every chance to complete the RMAR on time and provide information, guidance and reminders of when the returns are due. Firms must take the submission of the RMAR seriously."
