As part of their processes and controls, all regulated firms should undertake customer file reviews or file checking.  These are essential ways of identifying internal process issues or wider regulatory issues, such as Treating Customers Fairly or FSA regulatory rule breaches. 

We offer a FSA customer file review service across the general insurance, mortgage, IFA and investment sectors.  The file review is tailored specifically to the individual FSA rules and regulations which apply under the relevant FSA Handbook, ie. MCOB, ICOBS, COBS etc.  We also recommend that it is tailored to incorporate your own internal FSA compliance procedures and processes to ensure it is as effective as possible. 

Where firms have used our independent file review service, we have found that it assists them in developing and enhancing their own internal reviews moving forward.  The FSA have produced a Factsheet regarding Customer File Reviews to assist smaller firms.