PRESS RELEASE
12 May 2010
BSI, the global standards provider, is seeking views from the financial services industry and other stakeholders on a new draft British Standard for managing regulatory compliance, BS 8453 Financial services compliance -framework. This voluntary standard sets out good practice for operating a compliance programme in retail and wholesale financial firms.
Compliance with the standard is expected to help firms meet their regulatory requirements and to offer greater reassurance to senior management and stakeholders that compliance risks are being managed appropriately. The standard will seek to complement existing regulation, whilst standing independent of it.
The development of this standard represents a positive response by the financial services sector in seeking to encourage a strong compliance culture, increase transparency and codify good practice in compliance processes.
Gaining independent certification against the standard will not be mandatory, however being able to independently demonstrate compliance may provide further assurance that a firm operates a sound compliance framework.
Simon Culhane, Chief Executive, Chartered Institute for Securities and Investment said: “The CISI welcomes the publication of this new draft BSI British Standard for compliance in FSA regulated firms. The standard will enable firms to benchmark against industry standards independently of FSA Rules, and demonstrate the UK's leading approach in compliance. It is however important that the standard be applied proportionately and take account of the size of a firm and the simplicity or complexity of its business model.”
The draft for public consultation will be open until 30 June 2010 and is available on the BSI Draft Review website. The completed standard is expected to be published in Autumn 2010.
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NOTES TO EDITORS
For media information
Marc Edney
BSI Group Press Office
Tel: +44 (0)20 8996 6330 (24 hours)
Email: pressoffice@bsigroup.com
About BSI Group
BSI is a global independent business services organization that inspires confidence and delivers assurance to over 80,000 customers with standards-based solutions. Originating as the world’s first national standards body, BSI has over 2,500 staff operating in over 140 countries through more than 50 global offices. BSI’s key offerings are:
- The development and sale of private, national and international standards and supporting information that promote and share best practice
- Second and third-party management systems assessment and certification in all critical areas of management disciplines
- Testing and certification of services and products for Kitemark® and CE marking to UK, European and international standards. BSI is a Notified Body for 15 New Approach EU Directives.
- Certification of high-risk, complex medical devices
- Performance management software solutions
- Supply chain security solutions which identity and mitigate risks in supply chains
- Training services in support of standards implementation and business best practice.
BSI and Kitemark® were both voted UK Business Superbrands in 2010, by independent brand experts.
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