Tips on money rules
Q. I am concerned by the Financial Services Authority's comments about money rules. I am carrying out a review of procedures but can you give me any tips as to where small firms such as ours may be slipping up?
You may be helped in your review or it may be brought forward if you are one of the 200 firms selected by the Financial Services Authority for a visit to check on compliance with the money rules The FSA's view is that many brokers have failed to grasp the rules and, if they find this has been wilful, then they have said that they will take action.
Some of the things we have seen, and have worked with firms to put right, range from a failure to exchange letters with the bank to set up the trust
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