FSA targets small firms with compliance workshops
02 February 2012 at 16:02
The Financial Services Authority (FSA) is bolstering its efforts to promote compliance in small firms by offering a series of workshops, it has been reported.
An email invitation sent by the head of department for supervision at the watchdog, Charles Roe, suggested the workshops would raise discussions regarding small firms’ business models, the Financial Times revealed.
As part of the scheme, firms will be directed to look at good governance and culture in businesses, setting out how best to identify risks to both the firm and its clients.
The workshops are due to run over the course of the next few months and participants will have the opportunity to hear examples of good practice by both firms and the regulator itself.
Following this, as part of its strategy to improve regulation, the FSA will begin a series of regulatory reviews, which will take place three months after the workshops.
Managing director of Sesame Bankhall Group Nick Kelly told the news provider: “We cannot emphasise enough the importance to any firm who has been selected that they take the time to be well prepared for their assessment.”
Posted by James Harrison 