Prudential Regulation Authority Rulebook

A firm or an individual may ask us for individual guidance on how the rules and general guidance in the Handbook, FSMA 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 smaller investment intermediaries this will usually be the Firm 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.

If a firm acts in line with current individual written guidance that we give to it, then we will proceed on the basis that the firm has complied with the aspects of the rule or other requirement to which the guidance relates.

SUP 9.4.2 G explains that the extent to which a firm can rely on individual guidance will depend on many factors such as the degree of formality of the original query and the guidance given and whether all relevant information was submitted with the request.

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.

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:

SYSC 4.2.2 G (2)(b) describes what may be appropriate internal procedures for smaller firms so that employees can raise concerns. Our direct whistleblowing telephone number is 020 7066 9200 and our direct email address is whistle@fsa.gov.uk. Letters may also be sent to Authorisation Enquiries Department (Ref: PIDA) at the FSA. Further information is available from our website under 'Whistleblowing'.

Small personal investment firms are exempt from the requirement to appoint an auditor (SUP 3.1), but nonetheless where such a firm is a limited company or limited liability partnership it must produce audited accounts for statutory purposes. Sole traders and partnerships do not need to produce statutory audited accounts. An authorised firm cannot take advantage of the small company's audit exemption.

Financial data included in the Retail Mediation Activities Reports does not have to be audited. The requirement to report within 30 business days of the period end will not usually allow sufficient time to complete an audit.

A firm should consider whether it should notify us under Principle 11 if:

The following section of the Guide is also relevant:
•	'Further information' - Chapter 19
If you do mortgage or general insurance business you should also refer to MIGI 12 and MIGI 15.