FSA considers 'confirmation' of trade body guidance

Speaking at the Securities & Investment Institute’s Compliance Professionals Summit, Lesley Titcomb, head of department in the office of the chief executive at the FSA, says the move to principles-based regulation means guidance will become more important for firms and guidance provided by trade bodies is more likely to be “fit for purpose”. She states: “We may give confirmation to trade associations’ guidance – in effect a ‘sturdy breakwater’ – which puts a framework on us. If a firm follows the guidance they will know it will assist them in meeting FSA requirements, as long as the guid...