The FSA have started to come down heavily on firms that fail to meet their compliance obligations.
We have seen several firms closed down or fined over recent weeks so clearly there is no room for complacency. No business wants extra work that doesn’t generate business revenue especially in the current slow market. It is fair to say that most firms are running compliant and efficient businesses and have nothing to fear from the FSA. However one area that always seems to come up for criticism when the FSA carries out a review is record keeping. It is up to the broker to be able to prove they are doing things by the book. If they do not have the appropriate records, documentation and cl...
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