Preparing for your Arrow visit

• Published in: Balance sheet (London) Vol. 11; no. 4; p. 7
• Main Author: Hale, Kari
• Format: Magazine Article
• Language: English
• Published: Bradford Emerald Group Publishing Limited 01-12-2003
• Subjects: Accounting standards; Compliance; Documentation; Guidelines; International finance; Responsibilities; Succession planning; United Kingdom > UK
• ISSN: 0965-7967; 1758-4086
• DOI: 10.1108/bs.2003.26511dab.002

The FSA's primary tool for examining a company's High Level Standards (HLS) compliance is the so called "Arrow visit", designed as part of the overarching Arrow framework which drives the FSA to respond in a risk prioritized way to its statutory imperatives of maintaining market confidence, promoting public awareness, protecting consumers and reducing financial crime. If a firm is not in the best position to demonstrate clearly and professionally how it meets its requirements and how it is managed, it is inevitable that the regulator's judgements will be colored, and it is less likely that full credit will not be gained for the many things that are no doubt done properly and well. Guidelines are given for what sort of material should be gathered and maintained. Examples of typical questions that a management team and non-executive directors might be expected to answer are provided.