Annual Income Report (Section J)

The RMAR section J report includes all income including fees, commission & other income invoiced during the date range specified for the following categories:

  • Home Finance mediation
  • Non-investment insurance mediation
  • Life & pension mediation
  • Investment mediation

In addition the income for each category is reported for the following organisations based on their individual reporting requirements for each income category:

  • Financial Conduct Authority (FCA)
  • Financial Ombudsman Service (FOS)
  • Financial Services Compensation Scheme (FSCS)

In order for income to be reported in the relevant category the FCA Business class is used to define which category a fee is reported in as shown in the table below:


FCA
 Annual Regulated
 Income
 (£'s)

FOS
 Relevant Annual
 Income
 (£'s)

FSCS
 Annual Eligible
 Income
 (£'s)

Home finance 

mediation

Home Finance

Home Finance

Home Finance

Non-investment insurance mediation

General Insurance
 Pure Protection

General Insurance
 Pure Protection

General Insurance
 Pure Protection

Life & pension mediation

Life & Pensions

Life & Pensions

Life & Pension

Investment 

mediation

Investments

Investments

Investments

Total

Total

Total

Total

In order to exclude a client from FOS or FSCS reporting within section J, check the relevant field on the Clients > Overview screen:

  • Exclude from FOS Reporting
  • Exclude from FSCS Reporting

Payments to Introducers and Networks who are directly authorised will not be included on this report, as they will submit their own returns.  These options are set under the Introducer record within Contacts and are excluded.

An extract function is available on the report to extract the underlying detail into an excel spreadsheet.

Some clients should be excluded from the FOS and FSCS reporting. For further information please refer to your compliance officer or the FCA website.

For more detail on the report criteria, please view the following document;

RMAR Section J v5.1.pdf

Please contact the support team to apply the most recent Section J update to your Compliance module if it has not already been applied.