Palm Jumeirah, Dubai United Arab Emirates (PressExposure) April 14, 2011 -- FSA compliance is critical for any financial advisory service because it is the one way to ensure the protection of consumers, to prevent and reduce financial crime, to help the public further understand the financial system and to promote market confidence. There are a wide range of standards that the FSA requires firms to meet and their level of compliance is assessed on a regular basis by companies that are authorized by the FSA.
These standards and regulations are laid out in the FSA Handbook, which is available online. While the majority of those looking to receive FSA authorization are well-aware of the FSA handbook, what they might not know is that the information presented in the guidance sections does not have to be followed to the letter. In fact, it is simply a guide on how firms can best comply with the regulations but these methods are not compulsory.
There are a number of ways you can read and review the rules of the FSA handbook, which is mandatory if you intend to gain authorization. First, you can read the book online or download it and print it, you can order a printed version of the whole handbook or you can order an FSA handbook that has been specifically tailored to your service. Now, the interesting bit is that if you accidently dont meet a requirement of the FSA handbook while using a customized version, you are not considered at fault and no disciplinary actions will be taken.
You also have the option of constructing your own FSA handbook, tailoring it to your personal needs. However, this is not a recommended course of action unless you have experience in dealing with the FSA. You can, however, consult with a professional service, such as CCL Compliance, which has many years of experience in helping firms gain FSA authorization in various sectors.
Using a professional service to ensure FSA compliance is likely the best course of action, especially for those professionals who have had limited interaction with what it means to gain authorization and ensure all FSA regulations are met. Rather than burying yourself in rules and regulations, many of which might not apply to your particular service, you are better off doing what you do best while allowing CCL Compliance to do what they do best, make sure that your firm is FSA compliant.
For more information on CCLCompliance and to get a copy of the FSA handbook, please visit http://www.cclcompliance.co.uk