Compliance: A review

Journal of Financial Regulation and Compliance

Volumn 13, Issue 1, 2005, Pages 48-59

  Edwards, Jonathan ^a   Wolfe, Simon ^b  

^a BOURNEMOUTH UNIVERSITY   (United Kingdom)

^b UNIVERSITY OF SOUTHAMPTON   (United Kingdom)

Author keywords

Competence; Compliance; Conduct of business; FSA; Investment business

Indexed keywords

EID: 84928281594     PISSN: 13581988     EISSN: 17400279     Source Type: Journal    
DOI: 10.1108/13581980510622018     Document Type: Article

References (54)

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2. Also see Foot, M. (2004) The FSA: The first six years. Journal of Financial Regulation and Compliance, Vol. 12, No. 3, pp. 201-205.
3. In the matter of risk, financial risk might be linked to the way the business is operated, if for example a life assurance company decides to offer a high-risk product, this has the potential to impact on both financial risk and reputation risk, which is more clearly associated with conduct of business.
4. Briault, C. (2002) ‘The new prudential regime for insurers’, available from www.fsa.gov.uk/pubs/speeches/sp108/html, accessed 20th July, 2004.
5. Also see FSA Handbook, IPRU module, Block 2 (Business Standards). FSA Handbook: (2004) Release O34, September www.fsa.gov/pubs/handbook.
6. Goodhart, C. (ed.) (1998) ‘Financial regulation: Why, how and where now?' Routledge, London.
7. The FSA include the principles that a firm must: conduct its business with integrity, skill, care and diligence, maintain adequate management and control and treat its customers fairly, available from http://www.fsa.gov.uk/handbook/BLIPRINpp/PRIN/Chapter_2.pdf, accessed 6th June, 2004. See also COB module within Block 2 (Business Standards) of the FSA Handbook.
8. See FSA Handbook, Module SYSC within Block 1 (High Level Standards).
9. First introduced by the Personal Investment Authority (PIA) 1st October, 1995.
10. Note LAUTRO and FIMBRA subsequently merged to become the Personal Investment Authority (PIA).
11. Financial Services Authority (FSA) Report (2000) ‘Building the new regulator: Progress report 1', pp. 8-18, December, available from www.fsa.gov.uk/pubs/policy/bnr_progress1.pdf, accessed 20th July 2004.
12. Financial Services Authority (FSA) Report (2000) ‘Building the new regulator: Progress report 1', pp. 8-18, December, available from www.fsa.gov.uk/pubs/policy/bnr_progress1.pdf, accessed 20th July 2004 p. 2.
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20. Ayres, I. and Braithwaite, J. (1992) ‘To punish or persuade’ p. 39. The pyramid of enforcement strategies has at its base ‘self-regulation’ followed by an increasing reduction in freedom for the regulated with ‘enforced self-regulation’ and ‘command regulation with discretionary punishment’ culminating at the apex of the pyramid with ‘command regulation with non discretionary punishment’.
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