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130 small firms hit in FSA crackdown

The FSAs efforts to improve standards among small financial firms resulted in 130 firms taking corrective action to the way they operate over the past year.

Thirty firms have lost their authorisation to do business or had it changed for breach of the FSAs threshold conditions.

FSA retail markets business unit managing director Clive Briault says: The financial system relies on FSA-regulated firms, whatever their size, having the resources to meet their obligations to customers.

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