FSA warning for small retail firms

Stephen Bland, director of small firms at the financial watchdog, said it was a myth that small retail businesses were immune from regulatory oversight, and he said any organisation which did not meet the FSAs requirements would be punished. “Firms that are not trying to comply with our requirements should be aware they could be visited at any time,” he said. “Our regulatory approach is based on giving help to firms who run their businesses while treating customers fairly and endeavouring to do the right thing, but coming down hard on those who don’t.” The FSA’s focus is on changing firm...