The FSA is rolling out a series of sector-specific regulation and guidance handbooks specifically targeted at small firms.
The new online publications, 14 in total and listed below, are 90% smaller than the full handbook as they contain only information relevant, for example, to an IFA firm selling investments only, while another bespoke rulebook contains information for IFA firms which look at investment, mortgage and general insurance products.
A smaller version of the handbooks has been possible as electronic content strips out all irrelevant material and looks only at the rules relevant to that type of firm.
Companies targeted in tailored handbooks are:
- Authorised professional firms
- Asset managers
- Corporate finance advisory firms
- Fund managers (collective investment scheme operators)
- General insurance brokers
- General insurers with sales arm
- Intermediaries selling insurance, investments and mortgages
- Intermediaries selling investments only
- Intermediaries selling insurance and investments, but not mortgages
- Intermediaries selling investments and mortgages, but not general insurance
- Life insurers with sales arm
- Mortgage and general insurance brokers
- Mortgage brokers
- Small friendly societies
At this stage, more complex firms will not be able to use the guides, according to the regulator, but additional facilities are being added to the website this summer to help companies “build a personal handbook”.
Pilot versions of the handbooks were trialled in summer 2004 with the launch of mortgage and general insurance publications and receive over one million website hits per month, says the FSA.
These new tools will also be included in the FSA’s regular CD sent to intermediary firms.IFAonline
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