PracticeConsultingElectronic reporting will hurt SMEs

Electronic reporting will hurt SMEs

Plans by the Financial Services Authority to introduce electronic reporting in the next few years, could see many small financial services players struggle to cope.

Link: Reporting models on the catwalk

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’.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer