By Martin Katz
If you are in the business of running a regulated business in the Isle of Man, it’s a fairly safe bet that you don’t relish the thought of a supervisory visit from our friends at the FSA.
Having spent 20+ years running Isle of Man regulated businesses I know how you feel.
Winning new business is fun.
Solving interesting problems for clients is incredibly satisfying and raising monthly client invoices is the icing on the cake – but FSA visits….not so much.
FSA visits are time consuming and stressful and more recently they carry the added risk of a civil penalty from the regulator.
They invariably come along when you have much more interesting things to do and despite your excellent client base, careful business practices and capable staff – FSA inspection staff can be relied upon to identify the two most complex client files to dip test, and somehow they seem to be able to sense an outdated policy at 30 paces.
We don’t have a perfect solution but we can help.
When we are faced with exams – we practice the questions first. This allows us to test our skills and identify our weaknesses so we can address them. This not only gets us ‘test’ ready, it improves our overall performance.
In the same way, testing your compliance systems not only prepares you for an FSA visit , it will enable you to address any weaknesses in your systems which will reduce risk and improve your business. It’s a no brainer.
Rowany can undertake a full mock FSA supervisory visit of your regulated business undertaken by ex FSA staff. Just like a real inspection, we will review your policies, analyse your risk assessments, interview your staff and dip test your client files.
Our review will help you to identify weak spots so you can improve your processes, reduce your business risk and get your business FSA inspection ready.
The civil penalties are painful but the reputational damage of the associated public statement is probably worse.
A mock FSA visit by Rowany is a key part of the solution.
As well as helping you and your staff sleep more soundly at night, it makes good business sense as robust compliance systems reduce your risks and so enhance the value of your business.