Regulation

The move by the FSA to revert back to a more prescriptive form of Training and Competence (TC) rules is a "clear indication" its principles-based approach failed, says the Personal Finance Society (PFS).

The FSA and the FSSC need to agree on who is doing what and why in order to send a clear message to the market, Nick Cann says.

Alan Lakey of Highclere Financial Services thinks the FSA's 30-month qualification deadline adds further pressure to an industry already weighed down by excessive regulation.

The head of Informed Choice says the FSA's imposition of a 30-month qualification deadline is "perfectly reasonable" and brings a sense of clarity for advisers.

The FSA could wrench the mandate to update qualifications standards from the Financial Services Skills Council (FSSC), and force a review of the criteria every three years.

The FSA says the cost of assessing qualification requirements - mainly stemming from plans to publish a qualification list - amounts to £60,000 each year.

The FSA has banned sole trader Joseph Masi, trading as Select Mortgage Services, for breaching a settlement agreement with the regulator and providing false and misleading information to it.

The industry will have to cough up costs of £616,000 each year in order to comply with the regulator's ethical code of conduct.

The FSA will not push ahead with an ethical code just for investment advisers and has confirmed it will focus on key individuals within firms.

The FSA has lost its first insider dealing case, as a finance director and two lawyers walked free from court today.