Hoban: Business regulation moratorium does not affect FSA

In the Budget last month, George Osborne announced a three-year moratorium on new regulation from April for businesses with fewer than ten people. This led to speculation RDR could be delayed as it would affect small businesses. However, in response to a written question from Harriett Baldwin MP, financial secretary Mark Hoban has clarified the government's stance. Mr Hoban: "The FSA is an independent rule-making regulator with existing powers to make rules under the Financial Services and Markets Act 2000, and therefore the moratorium will not automatically apply to rules it makes...