The FSA’s Director of Small Firms warned small retail businesses today that they are not free from regulation.

Speaking at the Financial Adviser Expo this morning, Stephen Bland told the conference that the misconception that small firms can escape the FSA’s attention is tarnishing the industry.

“We are sending a very clear message that small retail firms are not under the radar,” said Bland. “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 don’t.”

The FSA’s risk-based regulatory approach allows it to supervise small firms and take action against those who pose a risk to consumers.