Frequently asked questions - FAQs
Why are the FCA sending this invite to me?
They believe this workshop will help you prepare for the next stage of their supervisory work with your firm. All small firms will be involved in a business risk review by the FCA. At the workshop they will look at how firms identify and mitigate risks, including the importance of financial controls and reporting.
Is this voluntary?
Yes, but the FCA recommend that you attend as it will help you prepare for the regulatory review that will follow. They aim to make the sessions as useful as possible for firms, and firms that have been to their previous roadshows have generally found them helpful and informative.
What range of firms does this apply to?
All smaller firms will be invited to attend a workshop and undertake a regulatory review over the next four years. The workshops will apply to all firms. If you receive an invitation it is because you will be part of the review programme, so it is recommended that you attend.
Do these tie in with the treating customers fairly roadshows we attended previously?
No, these workshops will look at different areas of your business, focusing on identifying and reducing risks, including the importance of financial controls and reporting.
Will the FCA give me advice about my risk objectives? Will I be in trouble if my business risk outlook is not as good as another firm at the workshop?
No, the workshops are a way for the FCA to reach and get information to lots of different firms, and not a way for gathering specific information on your firm. The FCA will be interested to know what risks you have been able to identify through anonymous feedback.
If I do not attend will it be noted against my file?
No, but you will find it helpful for your later FCA regulatory review to attend.
What do you mean by sole trader and multi advisor firms?
Firms prefer workshops tailored more closely to their business models so there will be a workshop for sole traders (one-man bands) and another for firms with one or more advisors in addition to the principal/owner (multi-advisers). The FCA may also run a separate workshop for firms with a significant number of advisors. You will be invited to a workshop based on the information they hold on your firm, so it is important that you keep your records up-to-date.
How many people can attend from one firm?
One person from each firm can attend. This is so that as many firms as possible the chance to attend.
Can I bring my compliance adviser / accountant / lawyer?
No, these are only aimed at regulated firms and only one person from each firm can attend.
Why have I been invited and another regulated firm near me has not?
The FCA are doing these workshops on a region-by-region basis and so it is probably because the other firm falls within a different region to your own, even though it is near to you. All firms will be invited to a workshop, so they will probably be invited to one at another time.
What exactly do the workshops cover?
The focus is on risk identification and mitigation. For more information see our page on Stage one: Business Risk Awareness Workshops (BRAW)
When will I receive an invitation for a review?
The FCA will send the invitations out after each regional workshop and you will be given more information about the review at the workshop.
Can we decide when we attend the workshops?
Yes, your options will be given on the booking form.
Can I attend if I haven’t received an invitation?
Due to the large number of firms involved, firms should only attend the sessions they are invited to. It is the FSA’s intention that all smaller firms will be invited to attend a workshop and undertake a regulatory review over the course of the next four years.
I am not the person who should receive the invitation.
If you are not the right person please pass the invitation to the relevant person in your firm.
Do we still need to attend if we are joining a network/planning to cancel our permissions?
Yes, until the FCA receive a completed cancellation form, they recommend that you attend the workshop.