TCC is strongly encouraging regulated firms - of which there are currently over 25,000 in the UK - to increase their impact in the shaping of regulation by ensuring renewed efforts are made to respond to FSA Consultative Papers (CPs).
With the Retail Distribution Review Consultative Paper due to be published on 25 June 2009, TCC is urging all affected firms to ensure they let their views be known either directly to the FSA, through their trade associations, or even through both.
Joanne Smith, managing director at The Consulting Consortium, said: “We are very fortunate in the UK to have a regulator that listens. Consultation is a genuine process therefore it is vital that we, as an industry, take these opportunities to make our views heard. In a recent CP there were fewer than 100 responses from 25,000 firms. This is an extremely poor response rate and as a result firms cannot blame the FSA if they end up with the style of regulation that they do not want.”
“With the RDR Consultative Paper due out next week, all affected firms should take time out to respond as this provides a real opportunity to make a difference. We will be responding to the CP and issuing our own opinions on the proposals as soon as we have sight of a copy. Firms are welcome to contact us for a copy of our complimentary briefing note.”
