FSA to assist trade bodies committed to PBR
LONDON - As part of its move towards more principles-based regulation (PBR), the UK Financial Services Authority (FSA) has indicated it intends to work more closely with those trade associations that wish to issue guidance to their members to assist them in complying with FSA regulations.
In a speech at a New Conduct of Business (Newcob) briefing, Dan Waters, asset management sector leader at the FSA, stressed that a move to industry guidance confirmation was not an attempt by the FSA to outsource rule-making to trade associations, but a response to those organisations seeking to issue guidance that their approach is not inconsistent with FSA requirements.
Waters' comments were in response to a warning from a number of industry trade associations that proposals recommending the
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