The Financial Services Practitioner Panel published its Annual Report for the period 2006/7. It supports the FSA’s move towards a more principles-based regime. However, the Panel has warned the FSA to carefully consider the cumulative impact on retail firms of its numerous reviews, projects and thematic initiatives, especially at a time when firms are grappling with principles-based regulation and the implementation of some major pieces of EU legislation. This burden affects all retail firms to varying degrees, and is of particular concern to smaller firms.
The survey’s qualitative and quantitative findings suggested that the main concerns, shared by both large and smaller retail firms, centred on the FSA’s policy approach to the retail market; uncertainty about the move towards principles-based regulation; a lack of clarity about FSA initiatives like Treating Customers Fairly (TCF); and continuing discontent over the costs and burden of compliance.
The Annual Report also includes commentary on the FSA's Retail Distribution and Quality of Advice reviews, its Financial Capability strategy, and the Financial Services Compensation Scheme (FSCS) funding review.
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© Graham Bishop
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