The Association of Medical Insurance Intermediaries (AMII) has proposed that firms with low incomes ...
The Association of Medical Insurance Intermediaries (AMII) has proposed that firms with low incomes should carry out financial reporting requirements on an annual basis, rather than the six-month basis envisaged by the Financial Services Authority (FSA).
In its official response to consultation paper (CP) 197, AMII said: "We propose that the reporting requirement of financial data for small firms on low incomes (say with annual income below £250,000), that do not hold clients' money, should be annual, in line with Inland Revenue, Companies House and normal accountancy practice."
The broker body said that the cost of reporting twice a year, together with the time involved in compliance procedures, could impact heavily on small firms when added to FSA and Financial Ombudsmen Service fees.
AMII also said it had had "an overwhelming response from members expressing the view that firms which do not hold clients' money do not pose a risk to the consumer".
