FSA rolls out assessment programme for small firms
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The FSA is rolling out a programme of workshops and follow-up visits later this year as part of its supervision of small firms.
The regulator’s ‘small firms regional assessment programme’ will follow a similar format to its treating customers fairly initiative which included roadshows, assessments and follow-up visits.
It follows a pilot with 55 firms earlier this year. The regional assessment programme will feature half-day workshops rather than roadshows, starting in the North West in November.
The workshops will focus on issues such as firms’ systems and controls, including how risks to the business and clients are identified, adequate business controls, and how good business practices tie in with good regulatory practice.
They will also focus on firms’ progress with implementing the RDR. Speaking at a Personal Finance Society RDR seminar last week, FSA head of investment intermediaries Linda Woodall said the regulator planned one-to-one sessions with small firms to discuss their RDR-readiness. Supervisors will give feedback on advisers’ business models and check whether they have met the necessary requirements.
The workshops will be followed by ‘regulatory reviews’ which are likely to start in February next year. The regulatory reviews will pick up on any issues that came out at the workshops, and will either be in the form of one-to-one surgery sessions or telephone interviews.
An FSA spokeswoman says: “This is a way of us going about supervising small businesses. The one aspect that was successful with the TCF roadshows was the fact that small firms get face to face contact with the FSA. That is why we are taking forward that same model. It is much broader than TCF. It is about giving small firms time with the FSA.”
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Readers' comments (23)
Dick | 17 Oct 2011 4:10 pm
What a complete waste of time. The TCF roadshow was run in the same way and we are STILL waiting for our feedback following our meeting with the FSA. Lets just waste more of our time trying to stich up the small firms. Why not spend your time at the top of the ladder sorting out the big fish.
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steven Farrall | 17 Oct 2011 4:16 pm
I see, so being told what to do and how to do it by the failed FSA is going to make things better? Yeah. Right.
For the avoidance of doubt none of us IFAs precipitated the failure of a dozen retail banks and plunged the UK into massive debt, did we now?
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an old IFA | 17 Oct 2011 4:19 pm
Dick - because we are easy pickings!
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Anonymous | 17 Oct 2011 4:31 pm
There are a lot of employees at the FSA, they have to be found something to do. Nobody understands Banks and how they work so it falls to the small IFA to provide something to justify their existance. Is there no one who can regulate the regulators?
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JONATHAN COOPER | 17 Oct 2011 4:32 pm
Who is doing an assessment of the FSA.................................
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Mr Smug | 17 Oct 2011 4:34 pm
FFS just leave us alone for 10 minutes
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Phil Castle | 17 Oct 2011 4:37 pm
I could approach this in a positive or negative way. Today I will approach it in a positive way.
As an open hobnest and transparent regulator, I take it the FSA will be happy to participate in any review they have with me in a 360 degree review so that we spend as much time discussing how they can improve and learn from us as vice versa!
No?..................
- Thought not, better come back from cloud cuckoo land....
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Anonymous | 17 Oct 2011 4:47 pm
As a compliance consultant to small firms I have found their TCF iniative to be pathetic, and yet, with a bit of back-slapping the dear old FSA consider they've done a great job, and consider it justifiable to waste more of the IFA's time. What planet are they on?
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snooks | 17 Oct 2011 5:04 pm
We have come such a long way under a succession of Regulators that we must now put up with people who have no experience in doing the job, telling is how to do ours and if we don't do it their way they will de- authorise us and this seems normal.
We have no alternative but to tremble and bite our tongues. As Phil Castle opines: the FSA work on teh bais that they have nothing to learn from us and if a firm happens to do something for its clients in a way that suits its clients but doesn't suit the inspector from the Regulator guess who wins
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Anonymous | 17 Oct 2011 5:08 pm
We are IFAs and proffessional. How dare they regulate us
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