The FCA’s independent panels have raised concerns with the board over the increasing use of attestations.
Attestations can take the form of Dear CEO letters to a whole sector or to an individual within a single firm and are designed to increase senior accountability.
Minutes of the FCA’s March board meeting, published today, show the practitioner panel and the smaller business practitioner panel expressed concerns about the use of attestations.
They show FCA director of supervision Clive Adamson responded by saying that attestations were a key part of the regulator’s supervisory toolkit.
But he said that in response to concerns expressed by the industry, the FCA intended to communicate the purpose of attestations more clearly and to put in place quality assurance to ensure their use was consistent.
In June 2013, Money Marketing reported the FCA was set to send an increasing number of attestation letters to firms’ senior management.