Test yourself on the retail mediation activity return (RMAR), says Julian Hall of AXA Insurance
This week's questions come from the AXA Campus course RMAR (retail mediation activity return) reporting.
This course is of interest to anyone involved in broking and in particular those involved supporting or submitting RMAR reports.
Submission of the FSA's RMAR report via Firms On-Line is now a mandatory and critical feature of a general insurance intermediary's FSA compliance management programme.
By completing this course users will:
The reporting concept was introduced by the FSA via a fundamental review of its business operations and published in the 2003/04 FSA Business Plan under the heading Integrated Regulatory Returns.
To enable effective supervision of the expanding population of firms falling within the FSA regime the review concluded that a harmonised and consistent approach to the collation of data from regulated firms was required. Thus the RMAR came about.
The FSA has adopted a supervisory and regulatory strategy of risk profiling of firms and monitoring of regulated activities. This enables:
The key areas of focus by the FSA in general insurance intermediaries RMAR relate directly to the collating of information and with firms reporting on:
Most firms should already be collecting this data for their own management purposes but will need to ensure that the information being collected is compatible with the reporting requirements and also transferable to FSA formatted forms.
AXA Campus is an ideal learning tool as it provides over 380 courses and incorporates tailored versions of CII ed LEARN and ed ASSESS (AXA ed). This relationship provides a natural fit between the soft and technical learning material of AXA Campus and the qualification and compliance aspects of AXA ed.
The questions for this course are supplied to AXA Insurance by Searchlight Solutions. If you are interested in using AXA Campus email: firstname.lastname@example.org