| Commenting on the programme of changes, FSA Chairman, Callum McCarthy said, "We are determined to be more rigorous about the costs and burdens that regulation imposes on firms. We are also simplifying our Handbook requirements and the way we express them, which will help all firms but particularly smaller ones who do not have access to expert advice."
The news is likely to be welcomed by regulated firms and industry bodies who have been critical of the regulator for being too prescriptive and increasing the costs of compliance. Tony Blair also expressed his concerns in a speech in May when he criticised the FSA of unnecessarily inhibiting business. The Prime Minister's views received a swift retort by Callum McCarthy who complained that the speech undermined the FSA's role.
Further details on the changes and the full consultation paper, "Reviewing the FSA Handbook" is available from the FSA's website. Responses to the paper are invited by 31 October 2005.
|
