Sticking to the rules
Q. It is tempting to leave getting up to speed with compliance until we receive a visit from the regulator, if at all. How much trouble could we be in with the Financial Services Authority?
Many firms spent a lot of time last year preparing for regulation and, having received their minded-to-authorise letter, the temptation may be to take their foot off the pedal where compliance is concerned.
I have no idea which, if any, rules you may be breaching and, therefore, how serious the position is. A firm that has embraced compliance but has not quite got it right is likely to be given every opportunity by the FSA to correct matters, particularly if the public are not at risk.
However
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