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10% miss Information Return deadline

Ninety per cent of the inaugural AFA information returns were submitted on time.

Thursday, October 2nd 2014, 6:00AM

by Susan Edmunds

The returns are part of new reporting requirements for AFAs and had to be filed by September 30, covering the period until June 30.

They will now be an annual requirement.

All 1881 AFAs are required to complete a return.

The Financial Markets Authority said 90% of them had been received by yesterday.

A spokesman said the authority was happy with the response to the returns.

The information return included 40 questions about adviser businesses, including details of benefits received from product providers, number of clients and transactions, persistency rates and broking services.

Advisers had been able to complete the return since August 18.

The FMA said the information would help it in its risk-based approach to monitoring and surveillance of AFAs. “It will help us to prioritise our future monitoring activities and thematic surveillance work and to focus our resources effectively.”

Advisers could use the return to confirm their ABS was current.

« RFA requirements 'inadequate'Adviser designations need attention: Scott »

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