FSA authority 'under threat'

In a wide-ranging speech focusing on a number of regulatory developments, Gummer, a Conservative MP and former Cabinet minister, defended Chris Cummings, AIFA director general, who has been demanding the FSA undertake a cost/benefit analysis of the move to principles-based regulations. “Cummings is not doing so to be difficult or unhelpful. Indeed, I hope my comments will reassure any sceptics that AIFA is supportive of this direction of travel. "He is simply asking the FSA to undertake the same level of internal scrutiny it would expect of any of its regulated firms who were about to...