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Compliance expert warns companies over FSA rules

Many retail financial services companies may believe they are compliant with new FSA regulations but still be failing to meet admin rules.

Compliance specialist Huntswood director Shaun O&#39Leary says many companies have put significant resources into ensuring their sales processes are compliant but fail to realise that their back-office admin processes could be in breach of the new rules.

He says companies need to be aware that the FSA will be scrutinising a number of their back-office operations in areas such as complaint handling and reporting.

Companies will have to change their corporate mindset as senior managers and employees adjust to the new regulatory environment as well as revamp their back-office operations, says O&#39Leary.


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