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The Financial Services Authority (FSA) has issued a warning to small firms at a recent conference for financial advisers.
Stephen Bland, FSA director of small firms, emphasised the thoroughness of the bodys regulatory approach.
Mr Bland said: "We are sending a very clear message that small retail firms are not under the radar.
"Our regulatory approach is based on giving help to firms who run their businesses while treating customers fairly and endeavouring to do the right thing, but coming down hard on those who dont."
Mr Bland also suggested that the reputation of business start-ups and other small firms could be damaged by the "misconception that small retail firms could escape the FSAs attention".
The British Retail Consortium (BRC) responded by saying that the FSA measures were "appropriate".
A BRC spokesperson told Startups.co.uk: "We think that all businesses, no matter what size, should be subjected to the same regulatory rigour, whether they are from the big end of town to the small end."
The FSA is an independent body with a wide-range of regulatory, investigatory and enforcement powers in relation to retail company formation and business operations.
It states its one overall aim as being "to promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal".
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