The FSA has stated its intention to visit thousands of small regulated firms over the coming months and speaking at this year’s Mortgage Business Expo in Manchester, Bill Warren, founder of Bill Warren Compliance LLP, said it was important brokers could show they were working hard on compliance even if there were a number of outstanding issues with their business.
He said: “Attitude is important and it is very important to get that message across during a visit. This is something that the FSA has referred to many times in recent months.”
Warren said preparation was key and there was a lot brokers could do to make sure visits went smoothly. Whether in regard to TCF, product selection, advice procedures or complaints handling, Warren said evidence was always going to be essential.
He commented: “A visit is intended to find out how firms operate on an everyday basis. The FSA is looking for evidence that brokers are compliant and all the time it is looking for records. It may be boring but keeping records is a big thing for the FSA.”
For those who had spent time getting their records in order and showed themselves willing to work with the regulator there should be nothing to fear from a visit by the FSA, said Warren.
