FOS should establish small firms division - Aifa

In oral evidence to the House of Lords Committee on Regulators, Chris Cummings, director general of Aifa, also questioned the ‘regulatory dividend’ which the FSA says the industry will receive if it embraces the move to principles based regulation. While speaking to the Committee, Cummings admitted the FSA’s interaction with small firms has “improved considerably since the introduction of the small firms division and Stephen Bland’s leadership of it”. And although he says initiatives such as the tailored handbook have been “considerable steps in the right direction”, he points out the...