The Liberal Democrats have urged the Financial Services Authority to reconsider scrapping the approved persons regime in the wholesale market, arguing the move would further undermine the financial services sector.
In a letter to FSA chief executive John Tiner, Lord Newby, Liberal Democrat Treasury spokesman, has expresses concern about FSA proposals to remove the need for regulatory approval through the FSA of individuals working the wholesale financial services industry, and suggets without the approved persons regime anyone could set up a financial services business. He states: “There have been all too many cases in recent years when even individuals who were approved by the FSA have proved not to be fit and proper persons to carry on financial services business. “To abolish the approved perso...
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