English ICA officials delivered the warning as the Institute responded to the FSA’s consultation paper, The Transfer of the UK Listing Authority to the FSA.
Chancellor Gordon Brown announced the tranfer of regulatory power last summer and it is widely expected the switch will take place before the end of the year, although a date has still to be confirmed.
The institute came out in favour of the shift in responsibility. Ian Smart, chairman of the ICAEW corporate finance faculty technical committee, said: ‘While the institute understands the rationale for the transfer of the UKLA to the FSA, we are concerned that the FSA maintains the current level of service and the flexible approach to regulation of the existing Listing Authority.
Smart added: ‘Close liaison and a clear flow of information between the UKLA and the LSE will be vital to minimise confusion, delays and duplication during the transferal process.’
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