FSA confirms plans to save firms £1m a year

The FSA published proposals to create a new generic customer function in August 2006 as a way to reduce the number of forms firms have to submit per employee under the approved persons regime. In a paper published today, the FSA says it has received strong support from the industry for the proposals, as they are designed to bring administrative savings and flexibility for firms. In particular, the change eliminates the need for firms to submit a form when an employee already approved for a customer function within that firm, for example investment advice, wants to move between customer...