Financial Services Authority

How NETconsent helps

Government and financial regulators world-wide have agreed that even more regulation of financial markets is required to prevent a reoccurence of the recent turmoil in financial markets. In an already highly regulated market, how does the financial services sector, investment managers and advisers, banks, product providers, insurance and mortgage brokers and other financial institutions keep their employees employees up to speed with regulation changes? 

• NETconsent mitigates risk by ensuring staff who are regulated by the FSA rules understand, and agree to comply with FSA policies.
• NETconsent cuts processing time by enforcing electronic acceptance or decline of FSA policies at logon
• NETconsent reduces the risk of errors that might entail regulatory penalties.
• NETconsent makes proving FSA compliance easier by providing a comprehensive audit trail of policies, policy acceptance and user training.
• NETconsent reduces operational costs by streamlining the administration of policy documents and reducing the effort expended on meeting FSA training requirements.
• NETconsent reports pinpoint potential areas of risk by testing user understanding of FSA rules and compliance with related policies they have read.
• NETconsent provides a ‘greener’ alternative to paper as policies do not require printing.

FSA Regulatory Challenges

For FSA authorised businesses ensuring that UK regulatory responsibilities are fulfilled is paramount. Finding practical and cost-effective ways to improve understanding of FSA rules, and demonstrate compliance with them is key to avoiding FSA fines and penalties and improving quality of services.

Requirements of the Financial Services Authority

The FSA rules and regulations are contained in the FSA Handbook and and are updated daily as new FSA rules are implemented. Keeping employees abreast of procedures such as those regarding complaints handling, Anti Money Laundering, mortgages and Markets in Financial Instruments Directive (MiFID) is a constant requirement. Automating th policy management life-cycle with NETconsent reduces the administrative burden and makes tracking much easier.

Introduction to the Financial Services Authority

The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 to regulate the financial services industry in the UK.