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Stage two: Regulatory review
The regulatory review process is how we will supervise all smaller firms.
The review will either be a face-to-face interview with us, a telephone interview, or an online or paper-based assessment.
How we select firms for a particular type of review will be driven by a number of factors. A major consideration will be the limitations of our resources which means that we will be unable to use supervisor led interaction in every case. It is important to note though that the fact a particular firm receives a particular type of review is no good or bad reflection on them but rather that we are using our resources in the most appropriate way.
We will tell you more about the reviews at the workshops and then notify you in writing about where, when and how it will take place.
This review will aim to look across your firm and measure the effectiveness of your senior management in identifying and addressing risks and the controls you have in place. It will also look at the financial soundness of your firm and your ability to continue to provide products and services to customers.
This approach to supervision will allow us to form an overall view of your firm and identify risks. We will give you feedback at the end of the review outlining any good practices we observe. If we find there are areas that you need to make improvements on, we will tell you what these are and expect you to take the necessary steps to reduce the risks we have identified.
Your review is an opportunity for you to:
- get reassurance that you are meeting our requirements;
- receive feedback on areas that you should review;
- discuss your business directly with us; and
- demonstrate to us the good practices within your firm.