FSA and OFT to reduce administrative burdens on firms

Improvements for firms and consumers also aim to assist in the delivery of risk-based regulation, thus building on the key objectives of the Hampton Report. A footnote to the Hampton Report suggested transferring regulatory responsibility for consumer credit from the OFT to the FSA, but the government has announced today a significant better regulatory outcome is achievable without changing regulatory responsibility. Improvements in the Action Plan include: Working more effectively together, for example through improved collaboration on matters of mutual interest such as the sale...