ICAEW’s guidance to help chartered accountants and other professionals who are asked to report under Section 166 (s166) and Section 166A (s166A) of the Financial Services and Markets Act 2000 (FSMA), as amended by the Financial Services Act 2012 (FS Act).
ICAEW’s guidance to assist assurance practitioners engaged to perform work on submission to, or compilation of, benchmarks, indices and independent price reports.
The latest report in the Audit Insights series looking at insights from banking audit specialists.
The Financial Services Faculty recommends that financial services regulators adopt these principles, recognising that there will be a balance of emphasis between them. Regulators should be clear about the outcomes they are seeking, and against which they should be judged.
ICAEW’s Financial Services Faculty has published an issues paper which explores the actions the financial services sector must take to build long term confidence.
ICAEW’s Financial Services Faculty has issued guidance to enhance the dialogue between bank auditors and their audit committees.
Information flows are the lifeblood of the relationships between providers, consumers and regulators.
Regulators must balance the competing public interest and political objective of consumer protection and the macroeconomic needs for financial stability and open, efficient markets. There are sometimes tensions and conflicts between these objectives and it is difficult to properly assess in advance the costs and benefits of new regulation.
Consumers ultimately must make their own financial decisions about how and when to spend, save, borrow, insure and invest. However, one of the features of the financial services industry is information asymmetry: providers know more about their products than consumers.
The financial services sector is highly competitive, innovative and fast-moving, with a constant demand for new products in new areas that are subject to uncertain risks. It faces ever-increasing investor pressure to meet expectations, talent is at a premium and the resulting levels of returns and remuneration bring their own dangers.