The survey questioned IT managers on their preparedness for FSA Policy Statement 04/9. The policy outlines new regulations for the collection and reporting of sales, financial and compliance data for general insurance products, mortgages and other financial products. Companies failing to meet FSA deadlines face substantial fines.
The policy statement is aimed at helping the FSA better understand the financial status and business activities of the firms it regulates.
The survey also found that IT managers did not believe the FSA understood the complexity of the compliance task it had set the industry.
“The deadlines that the FSA has laid out in Policy Statement 04/9 are extremely demanding,” said Javaid Aziz, CEO of Aspective. “With the first deadline for data collection due early in 2005, the sooner the financial services sector acts on this issue, the greater the chance of controlling the true cost of meeting this regulation,”
A spokesperson from the FSA, said: “We have been building up to this for over three years and have consulted the industry at every appropriate step. The industry in turn has been extremely co-operative and we are confident from both the positive feedback from firms and the work we are doing that the timetable is achievable.”The survey questioned IT managers on their preparedness for FSA Policy Statement 04/9. The policy outlines new regulations for the collection and reporting of sales, financial and compliance data for general insurance products, mortgages and other financial products. Companies failing to meet FSA deadlines face substantial fines.
The policy statement is aimed at helping the FSA better understand the financial status and business activities of the firms it regulates.
The survey also found that IT managers did not believe the FSA understood the complexity of the compliance task it had set the industry.
“The deadlines that the FSA has laid out in Policy Statement 04/9 are extremely demanding,” said Javaid Aziz, CEO of Aspective. “With the first deadline for data collection due early in 2005, the sooner the financial services sector acts on this issue, the greater the chance of controlling the true cost of meeting this regulation,”
A spokesperson from the FSA, said: “We have been building up to this for over three years and have consulted the industry at every appropriate step. The industry in turn has been extremely co-operative and we are confident from both the positive feedback from firms and the work we are doing that the timetable is achievable.”
