Disclosure of income
Q. I understand that the FSA will require feedback on our income every year - is this true?
What you are referring to here is the Retail Mediation Activities Return. This is a return of more than just financial information, and the frequency with which it is required is dependent on the size of your business.
Any firm with an income (i.e., commission/fee turnover) in excess of £5m will have to provide the return every three months. All other firms will need to supply the information every six months.
As well as profit-and-loss account figures, you will have to confirm that your
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