SIFA 2
10 key points
SIFA 2.1
10 key points
- 09/09/2005
SIFA 2.1.1
See Notes
We have set
out below 10 key points which need attention to ensure that you remain compliant
with the FSA's requirements. These points are areas where we frequently find
that firms do not meet our requirements. They are not the only points that
may be relevant and addressing these points does not mean that you are complying
with all the FSA rules.
- 09/09/2005
SIFA 2.1.2
See Notes
The key points
are:
•
Organise
and control your business responsibly and effectively. You must
take reasonable care to organise and control your affairs responsibly and
effectively, with adequate risk management systems.•
Meet
our requirements for financial resources and professional indemnity insurance. You
must have adequate financial resources for the regulated activities you carry
on.•
Pay
our fees on time. If you do not pay our fees by the due date, you
become liable to pay additional charges and interest.•
Send
in reports and notifications to us on time. These reports help
us to analyse your financial condition and performance and to understand your
business.•
Treat
your customers fairly. You must pay due regard to the interests
of your customers and treat them fairly.•
Maintain
your technical knowledge and keep up to date with new products. Your
commitment to training and competence should be that your employees are and
remain competent, that employees are appropriately supervised, that employees'
competence is regularly reviewed and that the level of competence is appropriate
to the nature of the business.•
Investigate
complaints thoroughly, respond within the time limits and co-operate with
the FOS. You must have in place and operate appropriate and effective
internal complaint handling procedures.•
Keep
good records. You should ask yourself whether a similarly qualified
adviser would be able to understand the file.•
Deal
with us in an open and co-operative way. You must disclose to us
appropriately anything relating to the firm of which we would reasonably expect
notice.•
If
you are unsure what rules apply, look at this Guide, at the Handbook and at
our website.
If you are still unsure, ask
us for further information.
- 09/09/2005