In response to HM Treasury publication of consultation on a new approach to financial services regulation and plans for regulatory restructuring, Phil Gray said: "Around 90% of businesses regulated by the FSA are categorised by the FSA as small, and yet the focus in the recent financial crisis has, rightly, been on larger firms. “Smaller firms must not become unintentionally caught up in complicated new regulatory processes that reduce their ability to conduct business effectively.
“Our recent annual report highlighted progress made with the FSA in recognising the cost and burden of regulation on smaller firms. We do not want this to be lost.
“We are pleased that the importance of smaller firm engagement has been recognised in the proposal to make this Panel a statutory Panel (paragraph 4.38).
“We plan to engage fully in the forthcoming consultation on behalf of smaller firms. Our website will give further details as they are available - www.sbpp.org.uk."
