Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  2. Point in time
    2005-12-30

SIFA 2.1 10 key points

SIFA 2.1.1G

We have set out below 10 key points which need attention to ensure that you remain compliant with the FSA's requirements. These points are areas where we frequently find that firms do not meet our requirements. They are not the only points that may be relevant and addressing these points does not mean that you are complying with all the FSA rules.

SIFA 2.1.2G

The key points are:

  • Organise and control your business responsibly and effectively. You must take reasonable care to organise and control your affairs responsibly and effectively, with adequate risk management systems.
  • Meet our requirements for financial resources and professional indemnity insurance. You must have adequate financial resources for the regulated activities you carry on.
  • Pay our fees on time. If you do not pay our fees by the due date, you become liable to pay additional charges and interest.
  • Send in reports and notifications to us on time. These reports help us to analyse your financial condition and performance and to understand your business.
  • Treat your customers fairly. You must pay due regard to the interests of your customers and treat them fairly.
  • Maintain your technical knowledge and keep up to date with new products. Your commitment to training and competence should be that your employees are and remain competent, that employees are appropriately supervised, that employees' competence is regularly reviewed and that the level of competence is appropriate to the nature of the business.
  • Investigate complaints thoroughly, respond within the time limits and co-operate with the FOS. You must have in place and operate appropriate and effective internal complaint handling procedures.
  • Keep good records. You should ask yourself whether a similarly qualified adviser would be able to understand the file.
  • Deal with us in an open and co-operative way. You must disclose to us appropriately anything relating to the firm of which we would reasonably expect notice.
  • If you are unsure what rules apply, look at this Guide, at the Handbook and at our website. If you are still unsure, ask us for further information.