SIFA 17
Individual guidance, whistleblowing,
auditors
SIFA 17.1
Individual guidance, whistleblowing, auditors
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SIFA 17.1.1
See Notes
This section mentions a number of other
topics that may cause us to contact firms.
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Individual guidance
SIFA 17.1.2
See Notes
A firm or an individual may ask us for
individual guidance on how the rules and general guidance in the Handbook,
the Act or other regulatory requirements apply in their particular circumstances
(SUP 9). Requests for individual guidance may be made orally or in writing
addressed to your firm's usual supervisory contact at the FSA. For IFA firms
this will usually be the IFD Contact Centre. We will expect the firm or individual
to have taken reasonable steps to research and analyse a topic before approaching
us for individual guidance.
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SIFA 17.1.3
See Notes
We may also give individual guidance
to a firm on our own initiative (SUP 9.3).
We may use this as a regulatory tool in response to our risk assessment of
the firm.
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Whistleblowing
SIFA 17.1.4
See Notes
Employees can contact us if they are
concerned about something that is relevant to our functions. They are protected
by the Public Interest Disclosure Act where they:
(1) have raised the matter internally within
the firm and remain concerned by the response or lack of response or they
have felt unable to talk to anyone internally;
(2) reasonably believe the information and
any allegations in it are substantially true; and
(3) reasonably believe the FSA is responsible
for the issue in question.
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SIFA 17.1.5
See Notes
SYSC 4.2.2 R(2)(b)
describes what may be appropriate internal procedures for smaller firms so
that employees can raise concerns. Our direct whistleblowing number is 020
7066 9200. Our direct email address is whistle@fsa.gov.uk. Further information
is available at www.fsa.gov.uk/whistle/. Letters may also be sent to Authorisation
Enquiries Department (ref. PIDA) at the FSA.
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Auditors
SIFA 17.1.6
See Notes
Small personal investment firms are exempt
from the requirement to appoint an auditor (SUP 3.1),
but see section 17.1.7 below.
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SIFA 17.1.7
See Notes
Small personal investment firms that
are limited companies or limited liability partnerships are nonetheless required
by the Companies Act 1985 to appoint an auditor as audited accounts are required
by Companies House. There is an exemption from audit for small companies under
Company Law but this exemption does not apply to firms authorised by us. Sole
traders and partnerships do not need to produce audited accounts.
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SIFA 17.1.8
See Notes
A firm should consider whether it should
notify the FSA under Principle 11 if:
(1) the firm expects or knows its auditor
will qualify his report on the audited annual financial statements or add
an explanatory paragraph (SUP 3.3.7 R);
or
(2) The firm receives a written communication
from its auditors commenting on internal controls (SUP 3.3.7 R).
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SIFA 17.1.9
See Notes
|
The
following section of this Overview is also relevant: •'Further information' - Chapter 19. |
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