PracticeConsultingFinancial watchdog moves to cut down size of rule book

Financial watchdog moves to cut down size of rule book

The FSA has published a draft version of its slimmer Conduct of Business Sourcebook (COBS), describing it as a significant milestone on the path to a simpler FSA Handbook of rules and guidance.

Michael Foot, managing director of the FSA said: ‘Publication of the draft Sourcebook is further evidence of the positivebenefits of a single regulator in that we have been able to reduce the volume of the overall material from existing rulebooks by30%. This will reduce the burden on firms, improve the prospect of effective compliance and enhance consumer protection.’

COBS mainly supports the FSA’s consumer protection objective. It sets standards for firms’ dealings with private customerscovering three broad areas:

fair dealing by firms when they advise customers or manage investments for them; information, so that customers can make informed choices;

and protection, of customers’ money and assets.

The consultation paper is available for use at the FSA website on www.fsa.gov.uk/press/cobs.jpg.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer