FCA creates function to help new firms

FCA has created a new “early and high growth oversight” unit to help newly authorised firms adapt to compliance with FCA Rules. FCA has found that as new firms often grow quickly, any compliance errors can affect a lot of consumers in a short space of time. One aspect of compliance that many struggle with is the requirements around financial promotions. It was concerned at the number of firms that claimed their products were FCA approved or implied they had worked with the regulator to develop them.

FCA has intervened where appropriate, has given training to firms and is now looking at 300 newly-authorised firms before assessing which other areas could benefit from its help.

Emma Radmore