RegulationCorporate GovernanceMajor overhaul for City watchdog

Major overhaul for City watchdog

FSA to be more communicative and to cut costs

City watchdog, the Financial Services Authority, is to overhaul the way it
operates, pledging to become more communicative and to reduce costs in the
process.

The FSA has been criticised over a number of issues – in particular its
handling of compensation to split-capital trust victims.

Chief executive John Tiner, in a speech made to the Securities &
Investment Institute this week, said the FSA intended to shift towards a more
‘principle-led’ regulation regime, which it believes will be better for both
markets and consumers.

‘Principles-based regulation has been in place since the FSA’s creation in
2001. But we have all lived with a rather unsatisfactory hybrid of thousands of
detailed rules sitting underneath the principles,’ Tiner said 

He also said the watchdog would improve its communication skills, would
become less risk-averse and more helpful in providing answers to company’s
questions.

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

2w Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

1y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

1y Richard Crump, Writer
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

1y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

1y Richard Crump, Writer