FSA panel warns of red tape threat
The FSA Small Business Practitioner Panel has warned that an overload of over-complex regulations and compliance could push small firms to breaking point.
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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.