The FSA and the Office of Fair Trading (OFT) are to produce an action plan setting out how they believe they can deliver benefits to consumers and firms through working more closely together.
The regulator said this would involve:
· working more effectively together, for example through improved collaboration on matters of mutual interest such as the sale of Payment Protection Insurance (PPI);
· collaborating more closely on enforcement of rules on advertising and other matters, and on guidance to business;
· completing a feasibility study by September 2006, on ways to reduce the administration burden on firms either seeking authorisation from, or regulated by, both organisations; and
· working more closely together on consumer education and providing information to consumers.
These improvements, and others like them, that will be included in and Action Plan, will help reduce the administrative burdens on firms and assist in the delivery of risk-based regulation, the FSA said.
John Tiner, FSA Chief Executive, said: "The FSA and OFT have a common interest in delivering better regulation benefits. Building on our existing liaison arrangements we have identified improvements to our processes and practices that will benefit consumers, firms and our organisations."
John Fingleton, OFT Chief Executive, said: "OFT and FSA interests coincide in a wide range of areas, from ensuring that markets work well, to informing, empowering and protecting consumers. We believe that we can and should work more effectively together to the benefit of all our stakeholders, to deliver greater benefits for consumers and the UK economy alike."
