Trade guidance to aid regulation

The regulator last week unveiled plans to encourage greater use of the guidance, which aims to work with industry codes to solve market failures. It comes as the FSA moves towards implementing a more principles-based regulatory structure. As well as expressing the importance of industry guidance being a supplement to current rules, the FSA also stressed this was not a new concept and such guidance already existed. It set out a standard process for the FSA to recognise industry guidance and made clear the standards that would be applied in recognising it. Andrew Whittaker, FSA general c...