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FCA publishes first data on compliance guarantees

The FCA requested 10 compliance guarantees of small and medium-sized firms last year, new data reveals.

The regulator has today published quarterly statistics on its use of attestations for the first time.

An attestation is a written confirmation that a firm is meeting certain regulatory requirements. They can take the form of a Dear CEO letter and are usually required by the chief executive but can also be required of other individuals holding a significant influence function, such as directors or compliance officers.

In July, Money Marketing revealed concerns the FCA was not being transparent in its use of attestations.

The following month the FCA said in response to a Freedom of Information request from Money Marketing that it does not track attestations for C3 and C4 firms – medium and small companies respectively. Among C1 and C2 firms, it had requested 186 attestations since it began using them in 2012.

Its first set of quarterly data shows it requested a total of 59 attestations in 2014.

Of these, 15 were from C1 firms, 34 were from C2 firms, and five each were from C3 and C4 businesses.

Firms in the long-term savings and pensions sector were subject to 13 attestations, while wholesale and investment management firms were subject to 21.

The FCA requested eight attestations from mortgages and consumer lending firms, 11 from retail firms and six from general insurance and protection companies.

In August, the regulator announced it would revise its guidance on attestations and publish quarterly data on their use in response to industry concerns.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. It’s a shame that no one at the FCA is prepared to sign an attestation of compliance with the Statutory Code of Practice for Regulators. But then, as we all know, the FCA has statutory immunity from absolutely EVERYTHING, including even Statute.

    How could Parliament have ever allowed the creation of such an unbridled and unaccountable monster?

  2. Like most things (long stop, S166 included ), the FCA will turn round in defence of these attestations and state “if you do nothing wrong you have nothing to worry about” this is in itself is hard to argue against,

    But is this right, moral, or ethical ? make you own judgement

    Its all a bit of a which hunt if you ask me, throw me into a pond and see if I drown, if not, I am burned at the stake ! I even have to buy the wood and petrol.

    I have no rights, I am not a free man, I am not allowed the benefit free speech or free will, destined to forever walk the corridors of the financial service’s industry, in a surgical cleaned white boiler suit, a clone (if you will).

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