Small Firms
The challenges of compliance for small firms can be much more daunting than for large companies. Often a Director or senior member of staff takes responsibility for compliance on a part time basis, reducing the effectiveness of their day job, while not quite executing their compliance responsibilities properly either.
Compliancy Services are able to take away the challenges of FSA Compliance and give you the peace of mind you need to concentrate on your core business.
We have standardised compliance procedures and documents that you can use to achieve compliance very rapidly. We can even take away the challenges of communicating and reporting to the FSA for you.
As a Compliancy Services customer you will have a dedicated primary contact with specific expertise in your area of business. They will always be available to you and will provide you with the peace of mind you need.
Our charges are based on the services we provide, not on some arbitrary calculation based on your turnover, and will normally cost less than you expect
Increased FSA Assessments of Small Firms
The FSA has also announced in January 2008 an enhanced strategy for small firms with a rolling programme of assessments that will cover 11,300 retail intermediaries over the next 3 years (commencing March 2008). This is primarily designed to ensure that TCF is implemented and that these firms can demonstrate they are consistently treating customers fairly. The FSA have taken this step in the light of the 2007 TCF progress report that revealed only 41% of small firms were meeting the TCF deadlines. FSA have promised both support for those firms motivated to comply and action against the “laggards” who are determined to “fly under the FSA’s radar”. If you are not ready for the FSA’s attention then now may be the time to expert assistance.
Leaving a Network?
Many companies joined networks as Appointed Representatives to address their compliance needs, but found that their supplier was not sufficiently focussed on their business to really make a difference, or the network restricted them commercially in some way.
Leaving a network and becoming independent is not as difficult as you might think. You will enjoy the freedom it gives you, while also remaining confident that you are FSA compliant.
Compliancy Services can either support you as an Appointed Representative or help you apply for direct authorisation and and achieve and maintain compliance ongoing, leaving you free to develop your business as you wish. We will then provide you with everything you need to maintain compliance going forward.
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