New advisers and ARs were not subject to adequate vetting before being appointed and were not adequately trained or monitored after appointment
The Financial Services Authority has fined Julian Harris £49,000 and banned him from performing the CF10 (compliance oversight) function and from acting as a compliance officer.
failed to:
•perform adequate due diligence on appointed representatives and advisors before appointing them;
•employ ARs who were fit and proper;
•put in place adequate training and oversight procedures for staff and maintain systems and controls at his firms; and
•to monitor their activities to ensure that they complied with regulatory requirements.
Question is how much was a an appointed representative and advisor paying Julian Harris and what did they get in return,poor publicity,client trust?
We are predominately a compliance consultancy firm and our aim is to assist the growth of your business, whilst providing you with industry-leading regulatory and operational support at competitive prices.
Wednesday 30 November 2011
Wednesday 9 November 2011
FSA’s Regional Assessment Programme
FSA’s Regional Assessment Programme and its follow up the Proactive Regulatory Review
The Regional Assessment Programme consists of Business Risk Awareness workshops to which all smaller retail firms will be invited to and then a follow up regulatory review (the Proactive Regulatory Review) on the firm. The purpose of the workshops is to give regulated firms a clear insight into the key messages of the regulatory review and through case studies to examine examples of good and bad practice as regards governance, culture and controls. The Regional Assessment Programme is starting at the end of this month with the first region being the North West. This programme is separate and additional to the RDR implementation reviews being carried out by the FSA as from the start of 2012.
The Regional Assessment Programme consists of Business Risk Awareness workshops to which all smaller retail firms will be invited to and then a follow up regulatory review (the Proactive Regulatory Review) on the firm. The purpose of the workshops is to give regulated firms a clear insight into the key messages of the regulatory review and through case studies to examine examples of good and bad practice as regards governance, culture and controls. The Regional Assessment Programme is starting at the end of this month with the first region being the North West. This programme is separate and additional to the RDR implementation reviews being carried out by the FSA as from the start of 2012.
Wednesday 2 November 2011
Operational and Compliance consultancy reduced rates
We are able to offer reduced consultancy daily rates and a package to suit your business, so contact us today
problems associated with payment protection insurance (PPI) recurring in a new generation of products.
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have joined forces to help prevent the problems associated with payment protection insurance (PPI) recurring in a new generation of products.
The FSA and the OFT are consulting on proposed guidance to firms in relation to payment protection products - which can fall within either regulator's remit. This is a key time as the market shifts away from PPI and firms begin to develop new products or product features - such as short-term income protection, or debt freeze or debt waiver as elements of a credit agreement or mortgage
Payment protection products within the FSA's jurisdiction
The FSA's guidance stresses that firms should ensure that product features reflect the needs of the consumers they are targeting. There are four key areas of concern that providers should think about carefully:
firms not properly identifying the target market for the protection product
the protection not reflecting the needs of the intended consumers
the benefit of a successful claim not matching the needs of the claimant, and
product features or pricing structures creating barriers to comparing products, exiting a policy or switching cover.
Contact Deemar UK Limited for more information
The FSA and the OFT are consulting on proposed guidance to firms in relation to payment protection products - which can fall within either regulator's remit. This is a key time as the market shifts away from PPI and firms begin to develop new products or product features - such as short-term income protection, or debt freeze or debt waiver as elements of a credit agreement or mortgage
Payment protection products within the FSA's jurisdiction
The FSA's guidance stresses that firms should ensure that product features reflect the needs of the consumers they are targeting. There are four key areas of concern that providers should think about carefully:
firms not properly identifying the target market for the protection product
the protection not reflecting the needs of the intended consumers
the benefit of a successful claim not matching the needs of the claimant, and
product features or pricing structures creating barriers to comparing products, exiting a policy or switching cover.
Contact Deemar UK Limited for more information
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