• FSA Library
  • Communication documents
    • Press releases
      • 2006

FSA/PN/011/2006
08 February 2006

The Financial Services Authority (FSA) today launched an e-learning package for small firms to help them work out what financial resources they need to meet regulatory requirements. Firms need to keep adequate financial resources at all times and this online training course is designed for those with little or no accounting knowledge.

The financial watchdog has already introduced various initiatives to assist small firms, which include improvements to the Firm Contact Centre such as longer opening hours at key times; more targeted newsletters and webpages; tailored Handbooks; and a range of workshops, training courses, roadshows and surgeries.

Stephen Bland, Retail Intermediaries Sector Leader at the FSA, said:

"As part of our commitment to make it easier for small firms to do business with us we have been working to improve what we offer them. We have made a good start, but there is still work to be done. The e-learning package is a new way of offering assistance to firms and may offer extra support to those that need it."

Additionally, the FSA has recently conducted its first communications survey of small firms to look into what and how firms receive its information. Research showed that firms recall seeing its communications as:

• 82% of them get FSA newsletters;
• 90% had received FSA emails in the last three months; and
• 62% access the dedicated webpages at least fortnightly

It also found that 96% of firms are aware of FSA training and over a third of them had attended either a course or a roadshow.

Stephen Bland said:

"The survey was carried out to gain a better understanding of the amount and type of regulatory information firms receive. We are grateful to the firms that took part and will continue with the progress that has already been made."

Further findings revealed that the majority of small firms receive fewer than 10 items of regulatory information a week by email or post. 67% of firms stated that at least half of the information they receive about regulation is sent from organisations other than the FSA.

The e-learning package can be accessed via the FSA's website at own funds and capital resources e-learning package. There are also webpages dedicated to small firms that contain targeted newsletters, frequently asked questions, top tips and information about training and events.

Notes to editors

1. The FSA's Financial resources: calculating own funds and capital resources e-learning package costs £30, and takes 1 hour to complete.
2. The FSA commissioned GfK NOP to conduct a survey of small firms. 821 small firms took part during November and December 2005.
3. A link to the survey summary can also be found on the FSA website. For specific results, please see the homepage for each small firm sector.
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal, and improve its business capability and effectiveness.