Not all firms will have any follow-up work from us, but it usually takes two forms: supervisory work and verification work.

Supervisory work

If we believe there are significant risks in your firm, we may decided to undertake further supervisory work with you to explore the issues of concern in more detail and provide more detail about the actions we expect you to take.

This supervisory work will involve more detailed discussions with your firm around the potential risks identified during the review. We will review customer files, processes, complaints handling, training and competence and your management. We will give you more detailed feedback and outline actions that need to be taken and areas of good and poor practice noted.

This work will take one of two forms: either a one-day visit to your business by us or a conversation over the phone with us.

Checking what we found – verification work

We will also check what we found at the review stage with a random sample of firms. There are two reasons for doing this. Firstly, it gives us the opportunity to test the effectiveness of our supervisory approach and ensure we are taking the correct supervisory decisions. Secondly, it gives us the opportunity to check that the information received during the reviews is a true reflection of what happens within your firm.

The verification work will involve more detailed discussions with you about your business and how you manage and reduce risks and we may review a small sample of customer files and your processes and procedures. We will give you feedback about what we find.