Small firms face FSA penalties
Brokers with an income of less than £1m could face fines or removal of authorisation by the Financia...
Brokers with an income of less than £1m could face fines or removal of authorisation by the Financial Services Authority if they fail to understand the true burden of compliance, warned law firm Reynolds Porter Chamberlain.
RPC added that while the FSA's high-street firms application pack is straightforward, there are several ongoing obligations for small brokers.
For example, brokers must also establish and maintain complex systems and controls, including detailed requirements for compliance risk
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