FSA introduces handbooks for small firms

The Financial Services Authority (FSA) has launched 14 sector-specific tailored Handbooks of its rules and guidance for small firms. The new publications are 90 per cent smaller than the full Handbook and provide the most relevant information for each industry segment.

The bespoke rulebooks will cover around 70 per cent of the FSA's regulated firms and are targeted at smaller firms such as insurance brokers, IFAs and friendly societies.

Mark Threipland, Chief Counsel (Handbook and EU) at the FSA said:

"We have launched the tailored Handbooks as part of our commitment to make the FSA easier to do business with. We've known for some time that the full Handbook may seem a daunting prospect for small firms as it covers a huge range of financial services business. Firms have asked us for bespoke rulebooks, and these tailored Handbooks provide the most pertinent material firms need."

Pilot versions of two tailored Handbooks for insurance and mortgage brokers have proved very popular receiving nearly one million website hits per month since their launch in summer 2004.

Simon Bolam, Principal at insurance broker EH Ranson and Co. and a member of the FSA's Small Business Practitioner Panel, said:

"Having used the existing tailored Handbooks, I am a really enthusiastic supporter of this whole initiative."

The tailored Handbooks are produced by electronically stripping out rules and guidance irrelevant to a particular sector from the full Handbook. They do not contain any new rules or guidance as they simply make the existing materials easier to find and use. The tailored Handbooks are available on the FSA handbook online website and will appear on the FSA's monthly Handbook CD-ROM provided free to every authorised firm.

The tailored Handbooks are not suitable for firms with more complex business models. A future phase of improvements, due in the summer, will include a tool for these firms to "build a personal Handbook" by answering a series of questions.