Articles from Broker Network
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Roles and responsibilities of Managers
Unlike some of the other sections of the FSA’s HSF1 application form, section H, ‘Compliance with our regulatory requirements’ was relatively easy to complete. Yes, we will have PII that is fully compliant with the minimum standards; yes, we will be compliant with the training and competence requirements; and yes, we will be compliant with the complaint handling requirements, to name but a few. We have also said yes to; ‘Will the firm be compliant with the senior management arrangements, systems and controls requirements from the date of authorisation?’
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Dealing with Compliance
Undoubtedly the FSA brought us much bedside reading during 2003 (and there has never been such a strong competitor against the makers of sleeping pills). However, keeping abreast of FSA consultations and policy statements is one thing, knowing what you have to do, practically, to ensure all relevant FSA rules are applied within your business, may well be another.
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Get HR working for your regulatory obligations
The words regulation and compliance conjure up thoughts of the FSA and impending regulation in January 2005. And let’s not forget that, the new regime apart, employment legislation continues to become more complex and potentially more costly.
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Get HR working for your regulatory obligations – Revisited
In her previous article, ‘Get HR working for your regulatory obligations’ Elizabeth Mills posed important questions to provoke thought about some of the issues we may find ourselves dealing with over the forthcoming months in a ‘post FSA’ word. Elizabeth is back again to consider the answers to those questions.
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Bring you up to date
Most of us are well on the way with our preparations for FSA regulation in January 2005. Application forms have been completed and Managers have started to plan and implement the changes required to ensure full compliance. But don’t forget, compliance is not just about ensuring your senior management team understand the implications of regulation. What your front line staff do is just as important. After all, underpinning the whole objective of compulsory regulation is consumer protection. So the people we employ to serve our customers must know, understand and apply the FSA rules practically, regarding selling and administration, to their work on a day to day basis.