FSA confirms bid to improve small business standards

A major new initiative to study the operations of the UK's small businesses has been announced by the Financial Services Authority (FSA).

The scheme is the result of research conducted by the FSA last year which discovered that only 41 per cent of small firms are currently meeting the organisation's Treating Customers Fairly (TCF) standard, the Financial Times reports.

As a result, the FSA will monitor the performance of more than 11,000 small companies in the financial sector during the next three years and intends to publicise the initiative with a series of roadshows, the first of which took place in Belfast this week.

"It is imperative that firms engage with TCF and drive up standards," said the FSA's director of small firms Stephen Bland.

"The new-style roadshows, together with the assessments, will help accelerate this process," he added.

As part of the scheme, small firms will face assessments in March and December to check that they are satisfying the TCF standard.

The FSA is an independent non-governmental body which is accountable to Treasury ministers.

TaxAssist Accountants focus their accountancy and tax skills specifically on small businesses and taxpayers in the UK.