Dear [FIRSTNAME],
The theme of this week’s Newsletter is centred on financial crime, to which all small firms are susceptible. The first article on page 1, the Small Firms Financial Crimes Review is a useful read and only 43 pages, but the FSA has been helpful in providing a One Minute Guide (the next article down) and while reading, I would suggest that you click on the link at the bottom and look at the self-assessment templates as a reminder as to what you should be doing. I’m sure you will be pleased to note that the One Minute Guide plus the template takes a total of 2½ minutes so well worth the time. While we’re on the subject of financial crime, the article on staff fraud on page 8 is also worth a read as we know from other clients that some staff have been put under financial pressure during the recession and are responding to this by selling on sensitive client information. All these articles are worth digesting and implementing the salient features purely for your own benefit.
Probably the most important event of the week is Sally Dewar’s ‘Dear CEO’ letter, top article on page 2, responding to her no later than 30 June 2010 in respect of your client money and asset requirements. The important part to note is that your firm needs to assure the Regulator that it is in compliance with its obligations for client money and assets and provides the name and contact details of the person within the firm who has overall responsibility for the firm’s compliance with FSA’s client money and assets.
IFA firms particularly should look at the 3rd article on page 2, Simplified Advice, which is very much a change of position for the FSA. It now seems to be recognised that the RDR may limit consumer access to financial advice and this article picks up on that. It’s also a theme picked up by the ABI which is the top article on page 9.
If we can be of service on these or any other regulatory matters please remember your helpline 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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