Relaxing FSA consultations could harm small firms

The Treasury’s Regulatory Reform Order, issued in December, proposes changes to the Financial Services and Markets Act 2000 including relaxing the FSA’s requirement to consult on certain rule, guidance and best practice changes where it considers delay would be prejudicial and the change would have a “minor effect”. In Aifa’s response to the Treasury, director general Chris Cummings says: “Firms, particularly small firms, could be disadvantaged as they may not then be aware of proposed changes ahead of their implementation.” He warns any dilution of the consultation process and the re...