RMAR Reporting and Audits

Your Relationship with the FCA

The vast majority of firms need to be capable of establishing a harmonious and remote relationship with the FCA and providing that they can evidence their compliant behaviour using an accurate and timely Retail Mediation Activity Return (RMAR), this objective should be achieved. This is a fundamental requirement for Senior Management Systems and Controls (SYSC).To provide comfort and peace of mind to firms’ senior management teams, in particular, the Apportionment and Oversight Officer (CF8), I-FACT are offering a RMAR compliance service.

The Service

Your RMAR needs to be with the FCA 30 days after your year-end and six months later. The necessary data needs to be collected continuously for the reporting period. To remove unnecessary stress for your senior managers, we will audit your data, and verify the competencies of the reporting managers 30 business days before your RMAR needs to be returned. This will provide comfort to your managers in that they will be reminded in a timely fashion and any outstanding data can still be collected facilitating a timely and accurate return to the regulator.

RMAR Compliance Service

  • Auditing your RMAR data (Financial data can be audited remotely)
  • Identifying any gaps and addressing shortfalls
  • Verifying the competency of the managers completing RMAR data
  • Double-checking training and competence data
  • A remote audit of your completed RMAR prior to FCA submission
  • Auditing system controls and apportionment of risk management
  • (This could include auditing SYSC meeting minutes)

The Benefits

Your senior management team can be comfortable that the outcome required by the FCA have been objectively checked using an experienced compliance consultant. This should release some of your senior managers to devote more productive time to their ‘proper job’, which is of course running a broking business. The effective use of an experienced outsource would not only bring peace of mind, but should be a much more cost effective use of management skills.