'Approved persons proposals will save firms £1m'

The FSA says the proposal will create a £1m annual saving for all regulated firms collectively, simplify the current regime and reduce the burden of regulation. The proposal will create a new generic customer function and the FSA suggests this will reduce the number of forms firms have to submit per employee under the approved persons regime. Firms are currently required to apply for separate systems and controls functions – finance, risk assessment and internal audit – and these will be merged into a new ‘systems and controls’ function. Similarly, the requirement to apply for separat...