The FSA is planning to launch a database to identify "high risk" advisers as it presses ahead with plans to monitor individuals through data collection.
In today's Policy Statement PS11/01, the FSA says it will require firms to provide data about individual advisers' professional standards which will underpin a new database identifying those advisers which pose the highest risk. Additional information on advisers will be gathered from alerts provided by firms, accredited bodies, whistle blowing, and other data. A new individual adviser supervisory function will then filter the information and data gleaned from the database. The new plans will see an increase in emphasis on how firms monitor and record the activities of individual a...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes