The prospect that the AFA designation will soon be removed does not allow advisers to skimp on filling out this year’s information returns.
The AFA information return is an online tool that each must complete and submit annually. It consists of a series of questions about AFAs, their business, their compliance approach and their approach to continuing professional development.
The information return is a reporting requirement contained within the regulatory reporting guide.
Submissions have to be in by the end of September.
David Greenslade, of Strategi, said AFAs must still meet the requirements of their authorisation, even though it looks likely that the AFA designation will not exist under the new version of the Financial Advisers Act.
The only advisers who could skip it were those who stopped being an AFA before the due date of the return, he said.
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