FSA panel warns of red tape threat

Link: FSA to issue risk guidelines

In its fourth annual report, the panel also called on the FSA to make its Handbook of Rules and Guidance more navigable.

While the sheer overload of regulations and cost of compliance are stretching the limited resources of small business, the panel says lack of clarity means businesses are in danger of inadvertently acting in a non-compliant way.

And with professional indemnity cover for some firms providing financial advice rising many times over, the panel asked the FSA to take urgent action to mitigate the ‘inadequacies’ of its Handbook of Rules and Guidance.

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