Officials have been at work for much of this year designing a new regulatory regime for the UK’s financial services industry, due to be in place by early 2013.
Unlike the FSA’s previous way of working, the new strategy will be based on a proactive, intensive and more intrusive approach. In the FSA’s business plan for 2011-12 Hector Sants, its CEO, promised that what is now to become the new Financial Conduct Authority will:
- address structural difficulties in sectors and the marketplace as a whole which limit or impair consumer choice;
- deliver intensive supervision of firms to ensure they treat customers fairly, focusing on point-of-sale practices, the way financial products are designed and firms’ governance and culture...
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