RDR: Industry gives backing to internal governance model

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The industry has backed FSA proposals to establish an internal model to monitor professional standards rather than set up a new statutory body.

In December's consultation paper 09/31, the regulator proposed an internal FSA model to monitor professional standards with an enhanced role for professional bodies. A major reason cited for the internal model - as supposed to a separate Professional Standards Board (PSB) - was its cost-effectiveness. It said the ongoing costs of establishing a separate body would be approximately £5m a year. And in today's professionalism consultation paper CP10/14, the FSA reveals the internal model has been largely welcomed by the industry. When asked if they agree the establishment of an intern...

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