cc: compliance comment

“We recruited a senior manager from the FSA about six months ago,” Michael Corrigan, a partner in Deloitte’s Financial Services Advisory Practice told delegates to the Securities and Investment Institute’s Compliance Professionals Summit 2005, “He said that two or three years ago he’d had 30-35 people working for him; their ages ranged from 23 - the new graduates - through to 53 and average experience was 18-19 years.” When he left the regulator in May the age range had shrunk to 23 to 33 and average experience was down to 2½ years [in his market sector]. Firms therefore need to tell the FSA how they work, said Corrigan, “from business process to product design to market place” rather than leave the regulator to operate in a vacuum with inexperienced staff. He suggested writing up a document called “The story of my firm”, which, once revised by senior management, could be sent to the FSA. It will provide current staff at the regulator and their replacements with the firm’s explanation of its activities and organisation.