| The Financial Services Authority (FSA) has moved to improve its relationship with the UK financial sector and ease the burden on regulation by initiating a programme to simplify its Handbook of Rules and Guidance. The review programme, which forms part of the FSA's move towards a more principles-based approach, aims to address requirements that do not deliver benefits or justify their costs, or which are inconsistent with the regulator’s focus on senior management responsibility.
The first phase of the programme covers the simplification and streamlining of the Anti Money Laundering requirements, the Approved Persons regime and the Training and Competence regime, as well as a major review of the retail Conduct of Business (COB) regime which will be significantly affected by the implementation of the EU’s MiFID (Markets in Financial Instruments Directive).
Additionally, the FSA have appointed Deloitte to assist with a survey of regulated firms to establish and measure the real costs of regulation.
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