The Chartered Insurance Institute has suggested the FSA "think again" about its proposals to remove the need for direct regulation of individuals in the financial services industry, in order to protect consumer interests.
In its response to the Financial Services Authority’s CP 05/10 - REVIEWING THE FSA HANDBOOK – the CII suggests any move to remove customer controlled functions from the regulatory regime would be detrimental to the security of retail customers, even though the regulatory body is seeking to withdraw such requirements mainly on wholesale or ‘non-private’ business. Officials argue the requirement for customer controlled functions ensures firms clear their appointment of a new team member with the regulator where they are given responsibility to carry out certain duties. The FSA has been ...
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