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.
