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.