Industry criticises FSA 'Arrow' visits

The survey, which questioned 136 firms across the industry about the effectiveness of the FSA’s Risk Assessment Framework - known as Arrow - found more than half of firms are highly critical of the FSA’s conduct and the impact of the visit. In particular, firms say they are unable to take a proactive approach to managing a visit while some feel interviews are an "interrogatory and confrontational process". More than two thirds (69%) of firms also say they are frustrated by the FSA’s failure to provide guidance on how they could lower their risk assessment rating following that visit. A...