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Do You Need A COMPLIANCE MANUAL? If you need to have a composite and consolidated compliance manual to tidy up all those policies and protocols, you can buy one though this link. |
Latest NewsFSA Consult on Assessing Suitability
The level of unsuitable advice (and quality of private client discretionary management services) The FSA see in the market remains a significant concern.
A review of existing FSA intelligence from previous work, and new information gathered from firms on their risk profiling and asset allocation methodologies highlighted failings in how firms establish the risk a customer is willing and able to take and how they make subsequent investment selections.
For details please download the PDF Guidance Consultation: Assessing Suitability
Responses are requested by 28 January.
This report considers:
Should you get any kind of communication from the FSA, even if it is in error; contact your compliance professional for advice.
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Latest NewsFSA Change T&C Rules PS10/18
The Financial Services Authority (FSA) have changed the TC requirements, which will affect your firm. This includes modernising our qualifications framework, the Statements of Principle and Code of Practice for Approved Persons (APER) and the Senior Management Arrangement, Systems and controls (SYSC).
In CP10/12 they consulted on proposals to strengthen and refocus certain elements of the TC sourcebook, to modernise their regulatory qualifications requirements and to make changes to the Statements of Principle and Code of Practice for Approved Persons (APER) under the approved persons regime. In Chapter 7 of the Quarterly Consultation Paper (CP10/22) they consulted on adding further qualifications to the list published in CP10/12. This paper sets out the final policy for changes.
Should you get any kind of communication from the FSA, even if it is in error; contact your compliance professional for advice.
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Global Recession TimelineThe Banking Crisis CalendarAs a prominent UK compliance site, we have been asked to share this timeline with you, which looks into the key dates in the Global Recession, from when and where it began through to when the world picked itself up from an economic downfall. Here it is: The timeline has several contributions from top financial experts, as well as the important dates which made an impact on not only Britain’s economy, but worldwide economies. We have reviewed the detail and some of the myths and rumours are dispelled by facts. It is well worth taking a few minutes to look over the information and we hope you find it interesting.
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Don't forget our survey and FREE Competition to win an IpodIf you wish to participate and have not received your invitation, please email surveys@ceicompliance.co.uk and ensure that the email address is added to your 'safe' or 'whitelist' in your email client. We will send you an invitation. Closing date is 16th January at 6.00PM! |
Assessing Compliance Risk - What Does The FSA Want?In 2010 there have been a number of publications both internationally and domestically regarding transpparency, remuneration of directors (and others) and predominantly a number of references made to risk practices and effective corporate governance.
Sir David Walker’s Review made several recommendations including the role of the Chief Risk Officer and the establishment of Risk Committees and the temptation of many firms will be to say “we are too small to consider risk officers or committees”, or using the FSA’s term of appropriate and proportionate would claim that they are not of significant size, turnover or risk rating to warrant such attention. In some cases this may be true but in many it could be a false assumption.
There could be a number of items that get overlooked because you have been running the business for years and are “on top of everything.” Unfortunately a number of firms have found that they are often lacking in Systems & Controls (SYSC) requirements, even Article 3 Exempt firms, which quickly become apparent after a themed visit from the FSA and a Section 166 Report demand dropping into their inbox. This can be avoided and our eBook, A General Guide to S166 Reports, available from the CEI Compliance website.
Read more: request the full FREE document Here
If you have any queries about this or other sales requirements, talk to your Compliance Professional or call CEI on 07092 289901
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