The Treasury Select Committee (TSC) has told trade bodies to be more vocal with their concerns about regulators and urged the industry to be the drivers of better regulation.
In its report on the proposed Financial Conduct Authority, which will take over some responsibilities from the FSA at the end of the year, the influential committee addressed the complaints it had heard about the FSA. It said: "The industry has complained a great deal about the shortcomings of the regulator in recent years, focusing on alleged unnecessary costs, bureaucracy, high-handedness and an excessively legalistic approach. "If Parliament is to respond to these concerns it is incumbent on the industry to provide the evidence that different regulatory behaviour is in the public a...
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