FSA is not passing on regs responsibility - Waters

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 the...