Smaller Business Practitioner Panel strengthened to help represent the compliance plights of small financial services businesses.
The Smaller Business Practitioner Panel will receive beefed-up powers to help smaller financial services businesses deal with what the Financial Services Authority admits are sometimes “disproportionate” compliance demands.
In the business plan for the Financial Conduct Authority, the FSA said that for the first time the SBPP will have statutory status under the Financial Services Act 2012.
Under the new regulator, the SBPP will represent the interests of smaller financial services firms as they strive to maintain compliance with heavy regulatory demands.
The FSA said in its paper: “For the smaller firms within our industry, the impact of changes within the supervisory approach for the FCA and the continued need for all firms to comply with regulatory policy changes, [bring] additional, sometimes disproportionate, burdens.”
In 2013/2014 the SBPP’s priorities will include the design and development of the FCA; the cost-effectiveness of regulation; FCA engagement with smaller firms and the balance of responsibilities between firms and consumers.
Its overall objective will remain the same; namely to ensure the regulatory environment allows smaller firms to be commercially viable and to flourish. The FSA says this will in turn contribute to the wider economy and improve range of choice for customers.
According to the business plan, the FCA budget will be 82 per cent of that of the previous regulator. The budget for the Prudential Regulation Authority – the second of the two branches under the new regime – has not yet been revealed.
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