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What is BS 8453?
BS 8453 Financial Services Compliance has been developed by industry and BSI for the regulated financial services sector – the standard sets out a framework for managing regulatory compliance.
The standard specifies established good practice and processes for operating an effective compliance programme, working to the standard could help firms to meet their regulatory obligations more easily, lower compliance risk and to demonstrate that a consistent and auditable process has been followed.
A benchmark of Best Practice
- BS 8453 seeks to benchmark good practice for operating an effective compliance programme, and compliance with the standard could help firms to meet their regulatory obligations more easily (and to lower compliance risk).
- BS 8453 has been positioned to complement existing regulation and terminology, but allows firms to independently benchmark against a recognised framework.
- The Financial Services Authority may take into account compliance with the standard but will not discount firms who do not adopt it.
- The standard is applicable across the whole regulated sector (wholesale, retail, investment).
What are the benefits of certification to BS 8453?
- Gaining independent certification against the standard is not mandatory, although being able to demonstrate conformity will provide assurance that the firm operates a robust compliance framework.
- Provides recognition of the compliance policies and procedures.
- Promotes and demonstrates a compliance culture.
- Independent and impartial certification may identify opportunities to improve professionalism within the organisation.
- Your organisation could potentially be in a stronger position in respect of the regulatory bodies as the Financial Services Authority may take into account compliance with the standard during visits.
Route to certification
If you are interested in certification to BS 8453 please contact us by email at enquiries@standardsinternational.co.uk or call 00 44 (0)1462 790894. If you would like to purchase a copy of BS 8453 please visit our online shop.
