Sants: CPMA must be less tolerant than FSA

The current CEO of the FSA told a meeting in London the CPMA should be judged on the degree to which it minimises the amount of consumer detriment, which he said had been at an "unacceptable level" in the last decade. "In future, the CPMA must therefore have a lower risk tolerance than that of the FSA," he said. The regulator's process of inspecting regulated firms every four years would be the "minimum" under the new regulatory regime, he added. The financial crisis has shown regulators should not rely on the judgement of firms and auditors, he said. Currently medium and high-...