Your story 'FSA backtracks on returns fiasco' (News, 11 August) is misleading.
Over 75% of firms that were due to submit a return have already either fully submitted their returns or are in the process of doing so.
We have acknowledged and apologised for the teething problems with the new system - this is the first time the FSA has introduced tailored mandatory electronic returns. Many of the firms required to report are also new to financial regulation and it is inevitable that they will be unfamiliar with requirements.
In view of the above, we decided to extend the deadline to 9 September 2005 for firms with a due date of 11-26 August inclusive that had registered and attempted to complete their return by their original due date. Many brokers have now told us that this extension will be of benefit to them.
The FSA undertook a comprehensive communication exercise ahead of 1 July 2005 to inform mortgage, general insurance and personal investment firms of their reporting requirements. All firms also received mailings just prior to their first reporting due dates on where and how they could find further information to help them complete the returns.
The FSA has taken all the comments received about the system seriously and has worked hard to iron out the problems.
We believe it is now working effectively, giving firms an efficient means of completing and submitting returns.
Graeme Ashley-Fenn
Director - contact, revenue and information management division
FSA
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