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If the answer is yes to any of these questions then I may be able to help you.
The world of regulation is changing, in many areas the FSA no longer issue laying out the precise detail that a firm can simply follow to ensure compliance. Instead their rules cover broad principles, which is why you can never find the detail you are looking for in the rule books. Treating Customers Fairly and Unfair Inducements are subjects where it is impossible to lay down detailed prescription but it is essential firms can prove they have meet the requirements. This trend shows no sign of abating with the FSA currently consulting on how their Conduct of Business rules with the stated aim of “moving towards highlevel rules with the minimum necessary prescription.
This is double edged sword; on one hand the opportunity to align regulatory requirements with existing business practices is enormous. On the other side firms need to think about how they will achieve this, how they will act upon it, and how they will prove it rather than ticking boxes.
In many ways this is only an extension of the issues that face financial services in the 21st century where a high level of technical competence needs to be married with highly effective interpersonal skills.
Not every consultant can operate in this way, I do. |
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