Tories vow to shake up FSA and FOS

In a report entitled Reform of regulations covering the UK financial services industry the Conservatives claim: “The FSA has allowed a culture of regulatory self-protection to develop to the detriment of the UK financial services industry. The FSA over-regulates as it aims to protect itself from possible failures and complaints. Industry seeks to over protect itself against an active regulator that operates through fining and publicly shaming institutions.” The report proposes the current public FOS appeals process be scrapped in favour of a private appeals process, claiming the current...