Proposals to extend the circumstances in which the FSA is not required to consult on rule changes have been met with consternation by the Association of Independent Financial Advisers.
Chris Cummings, director general of Aifa, says the Treasury’s recent proposals mean the FSA will be able to make 60-odd rule, guidance and best practice changes without consultation, which gives it “huge powers” and is “like abolishing parliament because it is too expensive”. This number of changes would comprise roughly 20 changes in each of the rule, guidance and best practice areas. "Around 10-20 proposals per year are likely to qualify for the new 'minor effect' exemption," the HM Treasury document Regulatory Reform Order: A consultation on proposed changes to the Financial Services...
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