The Annual Report highlighted four main areas of progress
• The FSA’s progress in executing a credible deterrence and enforcement approach throughout 2010/11.
• The launch of a radically new approach to the protection of retail customers, with a willingness to intervene earlier.
• The continued development of a more intensive approach to prudential supervision.
• Continued progress in developing new global standards of prudential banking regulation.
Adair Turner, chairman of the FSA, said: “The past year has seen further progress on the major changes in regulatory and supervisory approach already underway at the FSA, alongside our preparations for the structural changes announced by the government last June. We will remain focused on our statutory objectives until the formal move to the new structure and have continued to make strong progress in delivering our priorities. This wouldn’t have been possible without the commitment and professionalism of our staff.
“It is also important to recognise that there is still a great deal of regulatory work to be completed at an international level. We will continue to be at the forefront of that process, which will build on much of the work we have delivered here in the UK since the financial crisis.”
Hector Sants, FSA chief executive, added: “Over the last 12 months, the FSA has continued to operate in a climate of economic fragility. Our principal focus has thus been on maintaining the high level of supervisory activity required to ensure the stability of firms in the system.
“In addition we made considerable progress in advancing our new proactive approach to consumer protection while undertaking the necessary work to prepare for the regulatory reforms.”
