Aifa attacks FSA shift to 'guidance confirmation'

The Financial Services Authority yesterday reiterated it will confirm the appropriateness and content of guidance issued by trade and professional bodies on regulatory changes and standards, in the hope it would reassure firms they are meeting the regulator’s requirements. However, Aifa has recently suggested it is unhappy with the FSA's move to encourage trade bodies to explain how to interpret its rules, now the regulatory body has backtracked away from a prescriptive regulatory regime to a principles-based one. In its latest discussion paper, the FSA says it considering confirming in...