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A Complience Competence Partnership Approach Model

Wolfe, S. and Edwards, J. (2006) A Complience Competence Partnership Approach Model Journal of Financial Regulation and Compliance, 14, (2), pp. 140-150. (doi:10.1108/13581980610659459).

Record type: Article

Abstract

Purpose: Compliance competence is key to the operation and reputation of the financial services sector and is now completely embedded in the way financial services organisations carry on investment business. It is also fundamental to the Financial Services Authority (FSA) in seeking to achieve its regulatory objectives as set out in sections 3-6 of the Financial Services and Markets Act 2000. A great deal has been written on the topic of compliance and competence and the core objective of this paper is to offer a compliance competence model for financial institutions that recognises and highlights the importance of the regulator and the regulated working together as partners. Design/methodology/approach: A unique compliance competence partnership approach model, arising from case study research, is proposed and consists of three key elements: good compliance practice, good ethical practice and a positive FSA relationship. The three elements are represented as a tripod with three mainstays that are intrinsically linked. The mainstays are supported by cross-members that consist of underlying and intrinsic issues of compliance competence. Findings: The regulator and regulated need to work together in a proactive partnership. Organisation need to formulate a clear ethical policy involving employees from every aspect. Originality/value: The partnership approach model, advocated here, would create a real partnership between the FSA and its regulated organisations.

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More information

Published date: 2006
Keywords: competences, ethics, financial services act, modelling, partnership

Identifiers

Local EPrints ID: 37256
URI: http://eprints.soton.ac.uk/id/eprint/37256
ISSN: 1358-1988
PURE UUID: b4e59d8d-11d3-4213-9634-bf33be70e53d

Catalogue record

Date deposited: 24 May 2006
Last modified: 17 Jul 2017 15:42

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Contributors

Author: S. Wolfe
Author: J. Edwards

University divisions

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