The Financial Services Authority (FSA) has removed the audit requirements for advisers and appointed...
The Financial Services Authority (FSA) has removed the audit requirements for advisers and appointed representatives (ARs), which could save the industry an estimated £12.9m a year. From the end of 2006, financial advisers and ARs who have an annual turnover of less than £5.6m will no longer have to audit their accounts for the FSA. The decision follows a review conducted by the FSA last year, which found the audit did not offer the investor any extra level of protection. Robin Gordon-Walker, press officer at the FSA, said: "We found we can get the same information under the retail media...
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