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Regulator refuses to check company’s disclosure documents

An IFA firm has described its disappointment at the “unhelpful” and “irrational” nature of the FSA in refusing to vet its disclosure documents to confirm compliance.

Cane Cohen director Nicholas Cane wrote to the FSA in April to advise that it had depolarised ahead of schedule and asked the regulator to confirm the accuracy of its key facts and terms of business documents.

However, the regulator wrote back, refusing to vet the firm’s documents.

Cane says it must be better for the regulator to work with companies to ensure that they get it right from the start rather than penalise them if mistakes are made through misinterpretation.

He says: “It does seem extremely unhelpful of the FSA to refuse to do this. We thought that surely the place to go to ask for assistance would be the body that creates the rules for us to follow. Is it so unreasonable to ask for a little support?”

FSA spokeswoman Vanessa Wood says: “It would be an unwieldy task for the FSA to vet every firm’s documents.

“The rules are clearly laid out to ensure that companies produce compliant documents but if they do not understand, they can get help from our firm contact centre.”

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