THIS WEEK - FCA DELAYS AND TWELVE YEARS OF DATA

Another week of frustration at the coal face of regulation. 

FCA delays.  Bureaucracy - was it ever thus?   The caricature sticks when it comes to authorisations and approvals of RI's, directors, shareholders and firms.

IFAC note a new initiative at the FCA this month of July 22:

FCA's demands for information is quite insatiable.  Those bemoaning surveys and attestations should note the current record for an IFA firm stands at 22 requests / attestations / surveys per annum.  Different firms get different demands, but each carries fines for late delivery.  General Insurance firms are now being asked to report the last 12 years of figures from their new business books.    IFAC believe that IFAs will soon be required to produce their own 12 years of figures. You cannot operate a viable and saleable financial services practice today without a decent system and compliance support. 

July 22