The Financial Services Authority has
come under heavy criticism from Roy Leighton, the chairman of the
Financial Services Practitioner Panel,
after he called for a clear-out of ‘dead wood’ at the regulator.
A report by the FSPP said that overall industry satisfaction levels with the
FSA had shown little or no improvement in the past two years.
It called for personnel changes and claimed that some of the less senior
officials had a box-ticking approach and an unhelpful attitude.
‘There is undoubtedly some dead wood there,’ Leighton said. ‘They’re not able
to make the qualitative decisions [necessary in a principles-based regulatory
regime] when they have been used to box-ticking.’
Tiner, the chief executive of the FSA, said: ‘Regulation is, by its nature,
unlikely to be popular with the regulated.’
The FSPP is an independent statutory body created under the Financial
Services and Markets Act, with its remit to consult with the FSA on policy and
communicate the industry’s views and concerns.
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code
The International Integrated Reporting Council (IIRC) and the CIPFA have launched an introductory guide for leaders on integrated thinking and reporting
Accountancy Age is delighted to reveal the shortlists for the 2016 British Accountancy Awards