The Financial Services Authority is to explore changes to the client assets regime in the wake of the Lehman Brothers failure.
In its final Business Plan, ahead of its split-up at the beginning of next year, the regulator highlighted the potential measure as one of the way it will "strengthen our intensive regulatory and supervisory approach".
"We will review our client assets regime to see if further changes are required following the lessons learned from ongoing insolvencies, and the recent judgement of the Lehman Brothers International (Europe) client money Supreme Court Appeal," it said.
"However, it is important to recognise that insolvency law and the Special Administration Regime is determined by primary legislation and not the FSA rules."
The Supreme Court recently said all of Lehman's former customers had a right to expect their client money to be protected, even if the bank had failed to separate their accounts correctly.
The FSA also said it was aiming for "more intensive supervision" for firms holding client assets, through more visits, thematic projects and desk-based reviews.
It will also develop its risk assessment methodology in 2012/13 by "embedding" the Client Money and Assets Return (CMAR).
Other areas the regulator's enforcement arm will focus on in 2012/13 will include the fair treatment of customers, insurance fraud, mortgage fraud and the mis-selling of complicated products such as unregulated collective investment schemes.
Confirming a budget of £578.4m for 2012/13, Hector Sants, the chief executive of the FSA, also said the new regulatory bodies would seek to control costs in the future.
"The FSA recognises that given the economic circumstances the industry faces, it is not realistic that the cost of regulation continues to rise at this rate in the long term, and therefore the new authorities will be very focused on controlling costs," he said.
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