FSA vows to simplify rules

It would mean moving towards more principles-based regulation and away from detailed prescriptive rules through the creation of a new conduct of business rules book (NEWCOB) which would be substantial shorter than the current rulebook. The initiative is being carried forward at the same time as implementing the relevant provisions of the Markets in Financial Instruments Directive (MiFID), and NEWCOB will become effective from November 1, 2007. Commenting on the proposals, Paul White, a consultant at Belgravia Insurance Consultants, said he felt IFAs wanted detailed rules instead of wooly ...