FSA to abandon principles-based regulation
The Association of Independent Financial Advisers (AIFA) asked the Financial Services Authority (FSA) to be "careful" in response to the regulator's abandonment of 'principles-based' regulation in favour of an 'outcomes-based' approach. Speaking to COVER, Chris Cummings, chairman of the representative body, said: "The speech was aimed mostly at the banking community and Hector Sants said the principles didn't work for those with no principles. That doesn't apply to advisers. We are talking to the FSA about what this means for us as harsher regulations for the community would be unfair. So...
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