Regulator is consulting on its 'mission'
Small firms engaging in poor practice stand a better chance of getting caught by the Financial Conduct Authority (FCA) under the new regulatory framework as the regulator has shifted its focus on its thematic work, according to a consultancy.
The Financial Conduct Authority (FCA) has accepted it needs to invest in better communication with small firms, following recommendations by its board in January.
It's a call some advisers might be dreading and, for many firms, it could compound the challenges they already face in 2012.
The Department of Trade and Industry (DTI) has confirmed the removal of audit requirements placed on small financial services firms and appointed representatives (AR).
The creation of a ‘small firms division' within the Fos would not add value to the service because specific assistance for such firms is already available, claims the ombudsman.