Beachcroft Wansbrough’s financial services division is launching the first-ever independent research into the effects of the Financial Services Authority’s (FSA) ‘Arrow’ visits.
The FSA conducts regular ‘advanced risk response operating framework’, or Arrow, visits to financial services firms as part of its role as regulator.
The visits are designed to monitor and reduce the risks a particular firm poses to the FSA’s key objectives – maintaining confidence in, and promoting understanding of, the UK’s financial system, protecting the consumer and reducing the scope for financial crime.
Nigel Frudd, head of Beachcrofts’ financial services team, said the visits were seen as a significant burden. The research being carried out is designed to isolate problem areas and solve the issues through “open dialogue” with the FSA, he explained.
The Beachcrofts survey will ask firms about the issues raised by Arrow visits, including how much preparation is required, the resources needed and the conduct of FSA employees during the visits. Questionnaire responses are being sought by 30 September.