The Necessity of FSA Compliance
All financial advisers need to demonstrate FSA Compliance in order to help maintain the four objectives crucial to the financial services industry:
- to consistently promote and support market confidence
- to assist the public in their understanding of the financial system
- to protect consumers
- to prevent and help eliminate financial crime
Compliance essentials include:
- the methods used in getting to know a costumer,
- how to assess the affordability of the financial advice service,
- how to properly determine a customer’s risk profile,
- how to write the suitability letter,
- knowing when and how to implement either a Execution only or Limited advice transaction,
- how to continue professional development, and
- learning the correct ways to handle costumer complaints.
To insure FSA compliance is met, all financial services and markets are required to be authorized (or exempt from authorization) with FSA as well as regulated by FSA. Being able to add FSA compliance to your company’s credentials demonstrates its commitment to a high standard of responsibility.
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