FSA to issue legacy guidance

Yesterday, FSA investment policy director Peter Smith (pictured) said the regulator will likely issue the guidance in a couple of months to address some of the "detailed points" industry players have put to the regulator. Rather than drawing up new rules, the guidance will clarify how existing FSA rules on legacy will apply in particular circumstances. An FSA spokesperson said the guidance will be similar to a consultation but will have a shorter duration of around two months because no changes to the handbook will be required. The spokesperson added the guidance will aim to addres...