National standards body BSI is to develop a standard for
compliance teams in the financial services sector, it has
announced.
The standard will be voluntary, with the aim of allowing
companies to demonstrate regulatory compliance more easily, through
what it calls an “auditable approach”.
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BSI’s standards director Mike Low said:
“Once published, this standard will provide a robust and
consistent framework within which an organization will be able to
administer and manage its compliance programme, providing
reassurance to senior managers, regulators and customers by
reducing the risk of compliance failure. BSI is delighted to bring
together the financial services industry in a proactive response to
events in the financial world.”
Responding to the announcement, an FLA spokesperson said:
“The FLA supports measures which improve the professionalism and
knowledge of the financial services sector. For example, in 2007
the FLA introduced Specialist Automotive Finance to help increase
the finance knowledge of dealership staff for the benefit of car
buyers.
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By GlobalData“SAF goes above and beyond existing regulation and complements
lenders’ training and compliance programmes to help ensure
customers get the best possible service.”
