The FSA plans to force regulated companies such as banks, insurers, insurance brokers, IFAs and mortgage advisers to report online details of their finances, business exposure and capital position, according to the FT.
But organisations such as the British Insurance Brokers’ Association and the Association of Mortgage Intermediaries claim about 30% of their nearly 18,000 members do not have access to email or the internet and claim a move to e-reporting would be like ‘the government switching off analogue television and leaving them in the dark’.
The FSA is planning a phased move to electronic reporting, and has estimated the cost to the 48,000 intermediaries in the UK of such a switch at between £3.5m and £9m, but representative bodies claim that ‘a zero should be added to these figures’.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.