Following the publication of its annual report for 2006/7, which summarises the FSPP’s work over the last 12 months and sets out priorities for the year ahead, panel chairman, Roy Leighton, urged caution on the FSA with initiatives and projects.
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The major impact to be considered, according to the panel, was from the numerous reviews, projects and thematic initiatives when retail firms are getting to grips with principles-based regulation and the implementation of EU legislation. He also claimed: “The burden affects all retail firms to varying degrees, and is of particular concern to smaller firms.”
Leighton urged the industry to be ‘ready and willing to respond promptly to the challenges that lay ahead’. The report claimed that regulation was an overburden, and initiatives like ‘Treating Customers Fairly’ had left firms with the impression that the level and costs of regulation would continue to increase.
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He said: “The FSPP is supportive of the FSA’s move towards a principles-based regime, which it believes is the appropriate approach towards a proportionate and effective risk-based regulatory framework. In order to deliver this agenda the FSA is investing heavily in its operational infrastructure and ensuring its people are suitably skilled with a commercial understanding, and supported in making the pragmatic judgements that will be necessary.”
Alan Lakey, senior partner at Highclere Financial Services, said: “The problem is we’re under so many diverse schemes that it is a nightmare. It’s very difficult to keep pace with regulation. It is a major burden.”
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