With 151 small financial firms being de-authorised by the FSA in 2006/07 and continuing changes to the regulatory landscape, small firms need access to professional support which can be tailored to and is suitable for their particular needs.
A recent FSA report highlighted that small firms are not getting good advice from these small compliance consultants and in some instances companies are ignoring the good advice they have been given.
Huntswood, a leading provider of professional services to the financial services sector recognises that small firms, which make up approximately 95% of the regulated population, are those where senior management are likely to have the least capacity to take time away from their clients and customers and learn about the new regulatory approach.
Huntswood today stated that ‘there needs to be a mindset change among those that provide professional compliance support to the financial services industry. The...