View more on these topics

Risk-based approach urged for compliance

The FSA’s move towards principle-based regulation has made standardised compliance solutions redundant, according to Birmingham law firm Shakespeare Putsman.

Regulatory specialist on the compliance team Mark Dennison says firms still using “out of the box” compliance solutions need to urgently review their procedures as these do not guarantee firms will pass an FSA inspection.

He adds that, in some instances, using a template system for compliance will also mean that a firm will do either too much or too little with the aim of achieving compliance.

“Each firm needs to adopt a risk-based approach to compliance, allocating resources to manage risk effectively and efficiently. Each situation is unique to the requirements of the regulated firm.

“The FSA never wanted a situation whereby they produce a long shopping list and every IFA in the land rushes around to fill it. For regulation to be meaningful and productive it has to be about a procedural change that is specific to each business and not simply a tick-box exercise.”

Recommended

Societies facing threat from Nat Savings

The Building Societies Association is worried that the Government may use National Savings & Investments to raise further funding and funnel much-needed investor deposits away from mutuals.

Lacking in substance

With regards to Michael Nichols’ plea for a balanced debate regarding structured products, from what I have seen in Money Marketing, I have had two articles casting doubt on the product but there have been nine letters and articles, etc in their defence. None has anything of substance which would change my mind. There have been no facts to demonstrate transparency or anything to prove me wrong. Do I have seven more chances to make the debate balanced?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com