In December 2011 the FSA published guidance consultation on “Delivering fair treatment for consumers of financial services” (the Guidance). Although this Guidance is explicitly aimed at how non-executive directors of FSA-regulated firms can ensure that their firm is treating retail customers fairly, it also contains some useful strategies for addressing a specific area of concern within a business – whether that be retail conduct risk, product complexity, environmental or health and safety risks, pension deficit problems, capital management, bribery and corruption, intellectual property protection…
The Guidance discusses, amongst other matters, how non-executives directors can
- Encourage a board to maintain a culture that delivers good behaviours and outcomes.
- Obtain the right information to enable them to make robust decisions.
- Challenge the executive directors to manage and mitigate identified risks.
- Identify issues when they do wrong and ensure appropriate resolution.
- Encourage the executive to learn lessons and draw out wider implications.
Friendly Corporate PSL
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