Deregulation: The impact on a compliance officer — PIA interactions
| Published date | 01 March 1997 |
| Pages | 236-242 |
| Date | 01 March 1997 |
| DOI | https://doi.org/10.1108/eb024931 |
| Author | Wyn Thomas |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 5 Number 3
Deregulation: The impact on a compliance
officer - PIA interactions
Wyn Thomas
Received (in revised form): 2nd June
1997
J.
Rothschild Assurance plc, J. Rothschild House, Dollar Street, Cirencester, Gloucester GL7 2AQ;
tel:
01285 640302; fax: 01285 640436
Wyn Thomas entered the industry in 1979
with Towry Law. After a few years with an
independent financial
adviser,
he joined
Save & Prosper Group Ltd in January 1984
where for six years he held a number of
positions in their Broker Division. He
entered the world of compliance in 1990,
becoming Head of Compliance for Save &
Prosper at the beginning of 1992. He left
Save & Prosper to join J. Rothschild
Assurance as Head of Compliance in June
1995. At both Save & Prosper and J.
Rothschild Assurance he experienced
monitoring visits from LAUTRO and PIA.
ABSTRACT
This paper
considers,
from a compliance offi-
cer's viewpoint, the interaction between finan-
cial services firms and the PIA. This
relationship is looked at in the context of Pro-
ject Evolution and recommendations for improv-
ing the relationship are made.
INTRODUCTION
When the author last presented a paper on
the subject of inspections and evaluations in
1995 at a Henry Stewart Conference Stu-
dies conference, the focus was inevitably
on internal monitoring visits but went
further to discuss the link between the
compliance officer and senior management
in the company, and the interaction
between the compliance officer and the
Personal Investment Authority (PIA). The
author considers it important to initially
examine what was said about the PIA. The
underlying theme of this paper is deregula-
tion. This does not mean going back to the
days before the Financial Services Act was
passed. The industry has moved on a great
deal over the last ten years. But it is now
time for an in-depth view of the regulatory
system, to see whether there are ways in
which it can be improved. It is assumed
that this is a view which the PIA endorses,
it certainly underpins recent documents
which they have published.
If that is the case, how can compliance
offices harness the concept of deregulation
within their own organisations? How can
this,
and should this, affect day-to-day
activities, for example monitoring?
If this approach then proves beneficial to
compliance offices, could it not also be
adopted by the PIA? If so, what effect
could this have on their monitoring visit
process?
WHERE IS THE INDUSTRY TODAY?
There is no doubt that the financial services
industry has changed beyond all recogni-
tion since the Financial Services Act was
passed. Even looking back to 1992, there
Journal of Financial Regulation
and Compliance, Vol. 5, No. 3,
1997, pp. 236-242
© Henry Stewart Publications,
1358-1988
Page 236
To continue reading
Request your trial