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The Firms Online system is normally available every day from 8am until 10pm.

Phase two firms and the Retail Mediation Activities Return (RMAR)

Some firms have permission to undertake a wider range of activities than they actually use on a regular basis. This may mean that some phase two firms are required to submit an RMAR although they are not actually undertaking retail investment activity, insurance mediation activity or mortgage mediation activity. The FSA requires a firm to submit an RMAR if its scope of permission enables it to undertake the relevant activities*.

For example, a firm may have permission to advise on investments that are units with 'all' categories of customer. The term 'all' includes private customers. This firm would be required to submit an RMAR. However, a firm that was only permitted to advise on units with intermediate customers or market counterparties would not be required to submit an RMAR (assuming none of its other activities brought it into scope of the RMAR). This is only one example and it is important that a firm ensures that it has the correct permission for the activities it undertakes. A firm can apply to change its permitted activities including removal/addition of investment and customer types by applying for a Variation of Permission.

A complex matrix is used to determine whether or not the RMAR is required to be submitted and we do not advise firms as to which permissions could be removed in order to avoid the RMAR. Instead, firms are encouraged to ensure that their permissions match what they actually do.

Any return that has already been generated (and is therefore showing on Firms Online) must be submitted. Your entries on the return should accurately reflect the actual activities that you perform. This is likely to be zero for most fields but you will still be required to provide details on the total number of employees, etc. More guidance is available for Phase two firms under Reporting Updates.

* The FSA consulted on the RMAR in September 2003 (CP 197) and made rules in March 2004 (PS 04/9).