Firms call for consultative forum on broker regulation
Software firms are calling for the FSA to establish a consultative forum to keep them in the loop over broker regulation.
Software Solutions Partners (SSP) chief executive David Rasche said he would like to see the creation of a consultative forum similar to the one currently run by the GISC, to keep software providers up to date with regulatory developments.
Rasche said: "How can they possibly expect the brokers to be compliant without the IT providers facilitating them?"
Sirius UK systems chief executive Mike Dodd shares Rasche's concerns that the FSA does not fully understand the role of technology in broking.
"A broker can't run his business without a system, but the FSA has made no overtures at all to say, 'We must engage with software houses'."
But Acturis sales and marketing manager Simon Ronaldson is more confident that the FSA understands the importance of software providers. "We would certainly support a forum, but we have already been in dialogue with the FSA and I think there was a very clear understanding that IT was an important part of the process," he said.
Misys business development consultant Keith Longthorne also advocates the creation of a forum. "We've participated where we've been given the chance, but if we could formalise something that would be great."
Cheshire Dataservices (CDL) business strategist Nigel Phillips said CDL would be "delighted" to join an FSA software houses forum.
"We would welcome an opportunity to work further with the FSA to develop the software specification for the regulatory requirements."
An FSA spokeswoman said: "We're not aware of anyone having approached us, but we would be open to approaches," she said.