Preparation for an FCA Visit

There are always a number of reasons why the FSA will visit and the current ‘hot’ topics are Treating Customer Fairly (TCF) and data security. Whatever the reason for the visit, our knowledge and skills will bring comfort to your Management and historically we have always delivered a successful outcome for the firm.

The FSA are developing their ‘visits’ into an effective investigation tool into an intermediary’s activities and thorough preparation prior to the visit is essential. Anyone who hopes that they can ‘blag’ their way through the meeting will be in for a tough and painful experience.

Firms that have embedded TCF are frequently experiencing improved client relationships, an enhanced business model and better staff relationships. Our Consultants have first-hand experience of TCF visits to share with you to ensure that your visit will be a success.

The FSA is committed to visiting all small firms at least once to ensure that the main thrust of their current thematic work, Treating Customers Fairly (TCF), is being thoroughly embedded.

There are three types of visit:

  1. A ‘virtual visit’ which will normally give 6 weeks’ notification prior to a 1½ or 2 hour telephone conference call.
  2. A ‘surgery’ where the FSA invites firms to a suitable venue for a TCF meeting.
  3. An actual visit when the FSA will call at your offices by appointment.

In all of these cases the FSA will ‘read themselves in’ by looking through your history that they have retained in their offices and asking you to send a considerable amount of information to them some weeks prior to the ‘visit’

In any event professional help that is experienced with these visits can help you to prepare the documentation correctly, talk you through what will happen at the ‘visit’ and indeed practice. We know from experience that all of our clients with whom we have worked that proper prior preparation and practice have delivered a very good performance.

We have been invited to firms which have not had a good experience with the FSA to assist them in corrective action prior to the FSA’s second visit which is designed as a follow through to ensure that remedial action is taking place. This could have been avoided by proper preparation.

For further information, please contact us and we are happy to discuss your requirements.