PFS chief laments potential return to rules-based regulation

Her comments come after FSA chair Lord Adair Turner hinted last month principles-based regulation had not worked and may be replaced by more concrete rules. "The whole FSA regime is built on their principles, beneath which are the rules. I think this was the right approach and we should have principles-based regulation," Goddard says. "If one could argue that we have seen some serious failures because of lack of close scrutiny by our regulator then the natural reaction is that they will come down heavy and re-introduce some prescriptive rules, which I think is rather sad." Goddard sa...