A welcome visitor?
Q. As part of the FSA's regional broker visits, it is inviting brokers to individual 'surgery' sessions to discuss any issues that the broker may have. Is it best to keep a low profile or should I take advantage of the opportunity of meeting with them?
Confidentiality prevents me disclosing the name of your firm, but I recognise it as being one held in high esteem within the profession.
Consequently, you would have nothing to fear from a meeting with the regulator. It would be an opportunity for you to demonstrate how your firm has taken a positive stance on regulation and how well you measure up.
Bear in mind also that, in part, the programme of regional visits by the FSA will help give their staff a greater understanding of the issues facing what is a newly regulated community and equip them to better deal with application of the rules within the broker sector. Like brokers, they too are on a learning curve.
Remember as well that the intention of these regional visits is not to seek out and close down unregulated firms or those in serious breach. The FSA will learn of these firms by means other than chance encounter and take appropriate enforcement action much more rapidly.
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