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What is it?
•Branch based visit which will incorporate a review of all areas of potential risk for a regulated firm (breakdown available)
•Comprehensive feedback report provided with suggested areas to be reviewed or actions to be taken.
Return visit six months later where any actions taken since the last visit will be reviewed.
Why?
•Principle 3 : A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
•The FSA supervise all regulated firms, and have contact them regularly (phone calls, visits, regulatory returns, thematic reviews, mystery shopping).
•Acting on recommendations – the FSA have published case studies of where compliance recommendation have been made and not followed – our follow up visit will review actions taken.
When?
•Firms who have not had an FSA visit previously
•Firms wanting a Health check or Compliance Audit
•Firms which have increased in size – more risks
•Firms which have not had a review of their processes since the review of the Conduct of Business sections of the FSA Handbook.
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