Industry gets on board
Richard Gilbert
The Investment and Financial Services Association (IFSA) has reported that its members have demonstrated a high level of commitment to the association’s industry standards and guidance notes.
According to the 2007 Compliance Managers Survey, 97 per cent of IFSA’s member companies stated that the association’s standards helped them interpret their legal and regulatory obligations. While 83 per cent said that the standards were an integral part of their internal compliance and operating procedures.
IFSA chief operating officer Richard Gilbert said the survey showed that IFSA standards were well integrated into the overall compliance process and sat comfortably alongside the compliance system.
“IFSA member companies agree to mandatory compliance with our standards and to be subject to the overview of the Standards Oversight and Disciplinary Board Committee, as well as being periodically surveyed for compliance,” Gilbert said.
“By adhering to IFSA standards, member companies have undertaken to develop processes that provide investors with a quality assurance that goes beyond the baseline set out in black letter law. This year’s survey totalled 41 member companies with 100 per cent stating that their head of compliance had ultimate responsibility for reporting breaches to IFSA.”
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