RDR: FSA could allow firms to self-regulate

In its professionalism consultation paper CP10/14 out today, the regulator says the alternative approach would see firms monitor their advisers and notify the FSA in the event of rule breaches. However, it says leaving firms to carry out such "robust analysis" is less likely to achieve its consumer protection objectives. But it has indicated it will adopt the more laissez-faire approach to regulation if the industry makes a strong enough argument. "We are open to feedback and, were we to be persuaded to adopt this alternative approach, we would consult on draft rules to do so throu...