Small firms are far less satisfied with the FSA's performance than their larger counterparts in key areas such as the burden of regulation and their relationship with the regulator.
This is according to the fifth survey of regulated firms by the Financial Services Practitioner Panel (FSPP) which also identified a deterioration of understanding of the practical workings of More Principles Based Regulation (MPBR) since its last report in 2006. Although firms surveyed believed more forcefully in strong regulation than previously, 82% said the current regulatory system places too great a burden on firms. Almost half of firms with fewer than 20 full time staff (44%) agreed strongly with this view compared to just over a quarter of firms with 20 or more staff. Overall, s...
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