FSA faces enforcement opposition

The opposition mainly stemmed from uncertainty regarding enforcement in a principles-based environment, the regulator says. The industry was invited to give comments during a three month feedback period on the documents. Main respondents' concerns included: The status of the enforcement guide as a regulatory guide and the removal of aspects of enforcement policy from the handbook, with related concerns about when the FSA intends to consult on changes to the new guide The role of guidance, public statements by the FSA, and industry guidance in an enforcement context The impact settled...