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SME finance directors targets for FSA

Published On 1 March 2007 at 10:37:43

The Financial Services Authority (FSA) could be targeting the finance directors of small businesses as part of its continued attempt to enforce the fair treatment of consumers.

The government watchdog announced that it would be targeting "senior managers at small firms" as part of its Treating Customers Fairly (TCF) campaign.

Jonathan Phelan, head of retail enforcement at the FSA, said that the intention behind the step up in the inspections of companies and individuals was to emphasise the fact that senior level management is very pertinent in business, New Model Adviser reports.

Mr Phelan said: "Even within small firms, senior managers bear the responsibility for making sure the outcomes are the right ones for consumers. They've got to make sure their firm is run properly, with proper controls, to ensure customers are treated fairly."

According to the FSA, "the regulatory agenda aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal". The warning comes in the lead up to the final deadline for TCF implementation in March.

The FSA will assess the progress of industry with regards to implementation and will publish summary results in April.

 

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