With the FSB conducting more supervisory visits to Financial Services Providers, and with those visits being more vigorous and in depth, you could soon be receiving a letter from the Supervision Department advising you that they will be paying you a visit sooner than you think.

 

Receiving such a letter normally puts FSPs into a spin; some cases for good reason. However, as with all such things, a little preparation goes a long way.

 

If you are running a business which is perceived by the regulator to have a higher risk rating i.e. collecting client premiums, hedge funds etc. the likelihood of a visit is much greater than for a ‘regular’ adviser . However, this won’t be the case if you’re on the regulatory radar screen for some reason or another. Examples of this would be late submission of compliance reports or financial statements, or an excessive number of complaints, or even one serious complaint.

 

So, there you sit in your office, with the FSB coming in two weeks’ time - what should you get ready?