Annual company audits will also highlight discrepancies which must be reported for Plc’s and limited companies.
“During the process of internal and external audits a check must be made to ensure that the firms, regulated by the FSA, have the prescribed processes and procedures in place and that staff become and continue to be competent in their role,” says Tony Worthy, managing director Compliancy Services.
“There remain a large number of motor retailers, who are regulated firms, that have yet to adhere to the regulations. They will find that their auditor must bring the matter to the attention of the directors and/or report the nature of the breach in the audited accounts before sign off. A notice of this nature could affect the relationship between a business and its financiers”.
“It is therefore vital that motor retailers who have not yet to comply with the commitments made when gaining authorisation take steps to adhere to the new FSA regulations as a matter of priority.
Although the FSA announced transitional arrangements just before General Insurance day, time will very quickly run out for those businesses who are not yet compliant", continues Worthy.
“There is still time for these motor dealers to fulfill the stipulations demanded by the FSA and ensure they are compliant. At Compliancy Services, we offer a fast track solution to help minimise the time pressure already on dealers by combining templates which enable motor retailers to align their business to the procedures and processes required by the FSA. All the documents are available online to provide easy access and help businesses meet their obligations in a fast and effective manner."