The Financial Services Authority (FSA) today attempted to dispel any notions that small and medium-sized businesses were able to escape the regulation radar.
The FSA's risk-based approach to regulation has encouraged some in the industry to insinuate that many small retail firms could escape the attention of the body.
However, Stephen Bland, director of small firms at the FSA, said that these views threatened to tarnish the industry and have a negative impact on consumer and market confidence.
Speaking at a conference in London, Mr Bland said: "The important point is not that on average small retail firms get fewer visits but that the visits are concentrated on those firms which are not trying to comply with our requirements.
"For such firms, the very clear message is that they could be visited at any time."
