The FSA has unveiled its proposals for how the government’s new early intervention approach to financial conduct will work.
A discussion document published today, sets out how the Financial Conduct Authority (FCA), will deliver its objectives when it takes over regulation of conduct from the FSA responsibilities in 2012. The FCA wil be the brokers' key regulator.
The government’s recently published White Paper on financial regulation says that the FCA will be more outward looking and engaged with consumers than the FSA; intervene earlier to tackle potential risks to consumer protection and market integrity before they crystallise; and be tougher and bolder in using its new powers of intervention and enforcement.
Margaret Cole, interim managing director of the FSA’s conduct business unit, said: “We will now press on with developing our thinking on how to implement the approach set out in this document.
"We are clear that this will require significant investment, building on and improving what the FSA has achieved so far. I am confident that, if implemented, this approach will deliver significantly higher levels of protection than consumers have enjoyed over the last 20 years.”
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