Every business in the financial services sector is subject to FSA compliance and regulations – which are created and implemented by global as well as domestic regulators. One of the major reasons FSA compliance is necessary, is to keep everybody in the ‘right’. Over the past few years there have been some companies that have tried to cheat their way through the system, which in the end just makes it worse for everybody involved.
However, there are lots of financial businesses which are straight edge; they follow all necessary FSA compliance and regulations. These are the ‘honest’ businesses, the ones that flourish and are successful. For lots of individuals, compliance may seem like more of a pain than anything else, but so as to keep everybody on the straight and narrow and to keep companies running smoothly, FSA compliance is a necessity.
If you’re a business which has to abide with FSA regulations, but you are not certain where to start with something like this, the FSA handbook is the best place to start. This handbook contains all of the regulations which would apply to your financial services company.
In the financial services market, the FSA Handbook is thought to be the holy book. In the FSA handbook you’ll find regulations like; company policies, Principles for Businesses, Senior Management Arrangements, Systems and Controls, Statements of Principle and Code of Practice for Approved Persons and even several other sections like Prudential Standards, Business Standards, Regulatory Processes and Listing, Prospectus and Disclosure.
The FSA handbook, just in case you were wondering, could in fact be found on the web. The FSA handbook has all you could or would ever require or want to know about how to keep your business up to par, legitimate, and operating smoothly – for everyone concerned. Certainly, keeping up with compliance(s) is sometimes hard, but like several other businesses, if you do not do it, you’re just trying to find trouble. A financial services business not following the regulations set out in the FSA handbook is similar to a restaurant not using safety hazard or OSHA policies.
It’ll be a mess and even illegal. No one would know what they were supposed to do and chances are the restaurant would probably be closed down in less than a week because none of the standards that food institutions ought to have, were put in place. The FSA handbook would prevent this happening to your ‘restaurant’.
To find your greatest resource for help and the development of vital FSA Handbook and specialist training head to https://www.cclcompliance.co.uk, a consulting firm that provides specialised compliance services to the financial services sector in UK and in the Middle East.