EU could take over FSA's regulatory role

Fay Goddard, deputy director general at the Aifa, claims if the EU opts for maximum harmonisation, every member state will want to see their level of rules enshrined within each corresponding EU rule, which will, in turn, “push up the detail and level of prescription and result in the EU, not the FSA, setting the UK’s rules”. Goddard says the Aifa objects to this approach because it would reduce their ability to lobby where rules affect its members. Aifa can currently lobby the FSA and say why its rules are disproportionate, but “to do this at the EU level and against 25 member states...