In recent years the financial trade press has been littered with stories about compliance failures, large and small, at financial services firms across the UK.
These regulatory failures are increasingly being punished by tougher sanctions from the Financial Services Authority (FSA) but in the longer term they also pose a considerable risk to consumer confidence and trust.
To help address this problem a new British Standard (BS8453) has been developed to provide financial services firms and their stakeholders with recognised compliance programmes based on industry best practice.
The standard is applicable across the whole regulated sector (wholesale, retail, investment) and has already gained the backing of APCIMS (The Association of Private Client Investment Managers and Stockbrokers) and CISI (Chartered Institute of Securities & Investment).
Standards International, the government accredited Financial Services Standards Certification Body, also supports the new standard and will therefore be providing certification services to small, medium and large organisations in the industry.
Melanie Blackmore, Quality Director at Standards International said, "This new British Standard [BS8453] provides a wealth of benefits to firms who are serious about preventing or minimising regulatory failures. For example, gaining certification will enable companies to more easily meet their regulatory obligations, lower their compliance costs and help engrain a proactive approach to regulatory relationsand training.
Crucially it could also play a key role in helping to restore trust and rebuild confidence in a sector that has suffered from some considerable compliance failures."
BS 8453 is being launched on Tuesday 8th March by the British Standards Institution (BSI) at the Hatton Hotel, London.
Standards International is urging companies who want to be among the very first in the UK to gain BS 8453 certification to contact them on +44 (0)1462 790894 or via e-mail at: enquiries@standardsinternational.co.uk