Budget: Treasury to reduce 'disproportionate' reporting rules

Its consultation proposals form part of a 10 point action plan of reforms to wholesale and retail financial markets set out in the 2005 Pre-Budget Report, which reflects a number of concerns raised by industry and consumers about financial services regulation. In particular, the consultation seeks views on proposed changes to sections 178-192 and 422 of FSMA, which relate to when persons are required to notify the FSA about controlling relationships which they hold, or propose to hold, over a person authorised by the FSA – known as the “FSMA controllers regime”. At present some business...