FSA signals move away from principles approach: Turner

In the Turner Report, published today, the FSA's chairman signalled the regulator will move away from principles-based regulation towards a more rules-based approach. While the report focuses on the banking sector in light of the credit crunch and the failure of several major UK banks, it will have implications across the financial services sector. Turner says the FSA's new supervisory approach will be "more intrusive and more systemic," with a greater focus on prudential requirements and system-wide risks. The FSA will significantly increase its resources for supervising 'high-impact...