FSA has 'lessons to learn' on principles-based regulation - AIFA

It follows the regulator’s announcement on Monday that only 13% of larger firms met its March deadline for treating customers fairly (TCF). The FSA says principles-based regulation “means focusing on the outcomes that really matter rather than on procedural box-ticking”, but AIFA says this approach has not yet gone as the regulator would have hoped. “The information released from the FSA relates to a sample of relationship managed firms and does not cover small firms,” says Chris Cummings, AIFA director general. “Although the headline figure states that only 13% met the 31 March deadline...