FSA and DTI mull audit exemptions for small brokers
The Financial Services Authority has issued a consultation paper about removing the statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs). The regulator claimed this was a further move in its ongoing commitment to challenge regulations whose costs outweigh the benefits they bring.
The FSA estimated that, if introduced, this would save 3,200 small firms and 1,490 ARs £12.9m each year. Most of the firms that benefit are likely to be financial advisers.
The average cost of a
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