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FSA 'targets SMEs'

Published On 23 May 2007 at 08:56:50

The Financial Services Authority (FSA) has revealed that small and medium-sized enterprises (SMEs) should not believe that they are below the regulator's radar.

At a recent conference, the FSA's director of small firms, Stephen Bland, said that the organisation's risk-based approach to regulation allowed it to effectively monitor the activities of a large number of small firms.

He added that the misconception that retail SMEs could get away with flouting regulations was counterproductive and harmed their industries.

"Our regulatory approach is based on giving help to firms who run their businesses while Treating Customers Fairly (TCF) and endeavouring to do the right thing - but coming down hard on those who don't," Mr Bland explained.

"Our focus is on changing firms' behaviour to benefit consumers. We identify and prioritise risks, take action to mitigate those risks by taking specific action against individual firms."

"Firms that are not trying to comply with our requirements should be aware that they could be visited at any time."

Recently, the FSA reported that just 41 per cent of SME had met is TCF targets, compared to over 90 per cent of major retailers.

 

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