Chancellor George Osborne has applauded the restructure of the FSA and reassured MPs the new regulator will not simply ‘tick boxes'.
During Treasury questions yesterday afternoon Osborne called the tripartite system of financial regulation created by Labour in 1997 a failure.
He said: "The creation of the Consumer Protection and Markets Authority (CPMA) will provide a stronger consumer voice; it will be a world-class regulator."
He added the Prudential Regulatory Authority (PRA) ‘will exercise discretion and judgement as well as ensuring boxes are ticked' in order to counter future bank collapses.
On Tuesday morning, FSA chief executive Hector Sants wrote to heads of financial service providers to tell them the restructure of the regulator will cost £12.3m.
The aviation sector's constant evaluation of errors in order to improve safety should be applied to defined benefit (DB) schemes, as too many are repeating the same mistakes again and again, research has shown.
IA sectors – help or hindrance?
Despite multiple complaints
Annuity market worth £4bn in 2017
For ‘distress’ caused