Small company FDs under FSA radar

Finance directors at small companies could be targeted by City watchdog the
Financial Services Authority as part of its
enforcement regime for treating customers fairly (TCF).

The FSA announced that it would be targeting ‘senior managers at small
firms’.

FSA
head of retail enforcement Jonathan Phelan
said that the increased scrutiny
of both firms and individuals was designed to reinforce the importance of senior
management responsibility.

The warning comes just weeks before the March final deadline for TCF
implementation.

Phelan said: ‘Even within small firms, senior managers bear the
responsibility for making sure the outcomes are the right ones for consumers.
They’ve got to make sure their firm is run properly, with proper controls, to
ensure customers are treated fairly.’

Further reading:

FSA warned private equity listings will hurt consumers


What next for the FSA?

FSA launches attack on convergence efforts

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