There seems to be a quiet rumble of noise across the industry about the way in which regulation is changing. With the move towards principles-based financial services regulation there appears to be a shift of responsibility on other bodies whose role it is to support rather than manage the understanding of regulation.
Trade bodies have rightly said it is not their role to interpret the broad definition of regulation and then explain it to firms in detail. But the industry shouldn’t be that surprised by this move, as the signs of the FSA’s desire to shift its responsibilities have been visible for a while. Take a look at the role of the Financial Services Skills Council, for example. It started out as a spin-off to the financial services Training and Competence regime, designed to explain what the examinations regimes would need to cover in order to fulfil the requirements to meet training authorisation...
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