The FSA will take a more intrusive and systemic approach to its supervision of firms in the future, according to its chairman, Lord 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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes