Written on 20/05/2022

The FCA RMAR has grown from a simple turnover recording tool that no one at the FCA seems to actually study, to a giant turnover recording tool (that no one at the FCA seems to study.)

I hope they can prove us wrong on the second point – because FCA supervision certainly get the numbers.

As if to show the marker of time, when I started to work on RMA- M section (pension transfer activity) there were seven questions to answer.  

This has now grown to 32 questions that require your attention.  

Consistent reporting to set definitions and interpretations is essential, which is why so many members use BAT turnover to record these numbers.

And one last thing. When you finally retire the FCA currently ask for your new business book - all of it.   
Expect that request to grow in to something a whole lot more comprehensive, such as a copy of your audits and file checks.


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