The FSA's immunity from civil action under conduct of business legislation is fuelling poor regulation and failure in the financial services industry, says an IFA support group.
AdvisersUnited.com, formed earlier this year by Need An Adviser directors Ashley Clark and Joanne Roberts, says only the risk of prosecution or personal financial penalty for regulators will improve regulation and financial stability in the UK in the long term. The regulator has immunity from civil actions under the Financial Services and Markets Act (FSMA) 2000, paragraph 19, Schedule 1. Clark says: "I sit here with yet another additional Financial Services Compensation Scheme (FSCS) levy bill on my desk for thousands payable within 30 days, due partly as a result of the FSA's failur...
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