Small firms are ignoring compliance advice, says FSA

The UK Financial Services Authority (FSA) has found – through research carried out in late 2006 and early 2007 – that small firms often used compliance consultants, but that more than half of the 22 firms sampled had failed to act on their advice.

Jonathan Fischel, head of investment in the small firms division of the FSA, said: "Firms need to meet their regulatory responsibilities, and respond to any compliance failures already identified by their consultants. Firms should always take appro