56 firms 'not complying' with financial resources rules

As part of a second phase of research into financial resources and compliance with the financial resources rules, the FSA used a random sample of firms and a business intelligence report to identify 56 firms that are not complying with the requirements. It says those firms have combined financial deficits of £4.3m. The most common reasons given for not complying were lack of understanding of how to calculate financial resources and poor advice given by some professional advisers. The FSA has therefore updated its online good practice guide on financial resources, which gives examples ...