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Our Wholesale Banks & Investment Firms and Brokers Department regulates firms in a combination of ways to ensure that we achieve the most effective supervision.

Important Information for Wholesale small firms

Prudential Risk Outlook 2011, Retail Conduct Risk Outlook 2011 and Business Plan for 2011/12.

We recently published our Prudential Risk Outlook 2011 and Retail Conduct Risk Outlook 2011 which set out what we think are the main risks present in our operating environment that will affect us, firms and consumers over the next 12 month. The Business Plan for 2011/12 details how we intend to respond to these risks.

How we regulate

  • We use a risk assessment to categorise firms according to their potential impact on the FSA objectives.
  • The Wholesale Banks & Investment Firms and Brokers Department currently supervises about 3,000 firms, a number of which are relationship managed due to their size, activities and clients.
  • The firms who are not relationship managed are supervised reactively through case work. We deal with specific issues on a case-by-case basis as they arise. Potential issues are identified from a number of sources (e.g. the Firm Contact Centre, the whistleblowing unit and the Police).
  • A case may be dealt with over the telephone, in writing or by conducting an on-site visit. There may be a number of ways to resolve an issue at any given time. We attempt to co-ordinate with the firm and work effectively to resolve any issues in a timely manner.
  • The Wholesale Banks & Investment Firms and Brokers Department also proactively regulates the industry through themed project work, looking at common issues between firms or focusing on current directives and publications.
  • The relationship managed firms are supervised on a continuous basis, with the compliance officer as the general point of contact.
  • Any issues identified by the firm or supervisor are dealt with by the supervisor and firms are subject to a periodic risk assessment.

WSF 2010 Briefing presentation slides

WSF 2009 Briefing presentation slides

 

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