Some businesses will not be allocated a dedicated superviser from next year as the regulator - the Financial Conduct Authority (FCA) - looks to adopt a "proactive" rather than "reactive" approach.
Speaking at the Financial Services Authority's (FSA's) asset management conference, Clive Adamson, director of supervision at the regulator's conduct business unit, said the new regulator would "look and feel different" to the FSA. "[We need to] move away from a tick box, reactionary approach, [and] move towards a more forward-looking approach based on exercising judgement about what is truly important," he said, though he added this was "easier said than done'. "We will have to be better to make forward looking judgements...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
