A move to industry guidance confirmation is not an attempt by the Financial Services Authority to outsource rule-making to trade associations, claims Dan Waters, asset management sector leader at the FSA.
The comments follow concerns raised by the Association of British Insurers (ABI) and the Association of IFAs (AIFA) proposals recommending the FSA confirms trade body guidance in order to reassure firms they are meeting regulatory requirements could result in trade bodies acting as second-tier regulators. Waters says: “I stress that this is not about the FSA outsourcing rule-making to trade associations. It is the FSA responding to trade associations that may wish to issue guidance to assist their members in complying with particular areas of our rules and to seek FSA confirmation that th...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
