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Lawyers look at how Arrows hit

Law firm Beachcroft Wansboroughs is launching an independent research programme into the impact of the FSA’s Arrow visits on firms.

The FSA is reviewing its Arrow visits, the regulator’s main supervisory tool in assessing the risk that firms pose to its statutory objectives.

Beachcroft will present its findings to the FSA and the Financial Services Practitioners Panel. The lawyers are looking for the research to provide a useful conduit between the industry and the regulator.

Beachcroft has compiled an in-depth survey covering all aspects of the Arrow visit, including what the FSA required of the firm beforehand, what the FSA asked during the visit and the quality of the interviewers.

The survey has been mailed to 1,200 firms which have had Arrow visit and is looking for responses from 300-500 to make the research viable.

Responses are required by September 30 and Beachcroft is looking to present its findings and analysis in November.

Beachcroft legal & regu- latory consultant Natasha Peacock says: “We know some of the frustrations that firms have with these visits and the FSA also want feedback because they are looking to simplify the process.”

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