FSA not heavy handed, says Davies
The Financial Services Authority will not 'beat down accountants' doors' once it assumes responsibility for regulating investment business later this year, FSA chairman Sir Howard Davies has told Accountancy Age.
Around 14,000 accounting, legal and actuarial firms offer investment advice, though only those conducting mainstream investment business will be subjected to FSA monitoring. Around 1,000 accountancy firms should be affected.
Economic secretary Melanie Johnson said N2 – the date at which the FSA assumes its full powers – would happen no later than November.
In an interview this week, Sir Howard said: ‘For most accounting firms I would not expect them to have regular visiting teams from the FSA beating down their doors because most of them will be, on the whole, low risk firms undertaking a relatively small amount of business.’
To read the full interview, click here.