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More than 130 firms mend their ways

The Financial Services Authority says more than 130 firms have taken corrective action in the way they operate to address serious failings over the past year.

Some 63 firms addressed serious failings and breaches of the threshold conditions when challenged by FSA supervisors. And 69 firms referred to the Threshold Conditions Team took corrective action to address serious failings when faced with imminent enforcement action.

A further 30 firms had their permissions to conduct regulated business cancelled or changed by the FSA for breaches of the threshold conditions.

Three individuals were prohibited for not meeting fit and proper requirements.

The TCT deals mainly with small regulated firms that are not meeting the FSA’s minimum requirements, or threshold conditions.

The FSA stresses the TCT generally takes action when firms fail to cooperate with the regulator, with the first option usually being to work with firms to correct problems.

Clive Briault, managing director of the retail markets business unit at the FSA, says: “The financial system relies on FSA-regulated firms, whatever their size, having the resources to meet their obligations to customers.

“We work with firms to help them keep to the required standards but we take action when we find serious problems that could result in consumers losing out.”


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