FSA not heavy handed.

Economic secretary Melanie Johnson said N2 – the date at which the FSA assumes its full powers – would happen no later than November.

In an interview this week, Sir Howard said: ‘For most accounting firms I would not expect them to have regular visiting teams from the FSA beating down their doors because most of them will be, on the whole, low risk firms undertaking a relatively small amount of business.’

Interview in full, page 24.

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