FSA begins corporate governance consultation

by Insurance Times, January 28, 2010.

The FSA has today issued a consultation paper on effective governance standards within firms.

As part of its supervisory enhancement programme, the FSA is placing greater emphasis on the role of senior management at firms. Since adopting the approach in 2008, the FSA has carried out 332 significant influence functions interviews (SIF), with 25 candidates withdrawing from the process.

The FSA has issued a number of publications in this area, including a ‘Dear CEO’ letter in October 2009, which clarified its approach to approving and supervising persons performing SIFs. The consultation paper explains teh FSA’s more intensive process in greater detail, but also makes clear that the intention is not to deter strong candidates from pursuing senior roles in firms.

Graeme Ashley-Fenn, FSA’s director of permissions, decisions and reporting, said: “Our more intrusive approach continues to place a great deal of emphasis on governance and therefore the senior management at firms. This starts with a firm’s own due diligence. Our experience shows that once a firm gets its corporate governance right; with a strong and effective board, everything else flows from that.”…(continue reading)

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