Small isn’t always beautiful

Reducing financial crime has always been a focus for the FSA as one of its statutory objectives under the Financial Services and Markets Act 2000 but for small firms this area of regulation has recently risen up the agenda, writes Fiona Raistrick of BDO Stoy Hayward LLP.

In the 2008/09 business plan the FSA states that it will be reviewing the anti-financial crime systems and controls for a relatively large sample of small firms over the coming year. Now that the regulator has, informally, given all small firms notice of its intentions via this statement, senior management should start to ensure that their systems and controls will stand up to the test.