Enforcement division shapes up for flexible principles-based approach
The FSA is in the process of trimming down its enforcement division by a third.
Some 10% have been redeployed to other divisions within the organisation while the balance will be made redundant.
The exercise is aimed at upgrading the quality of staff, which has in the past been described as ‘inflexible’ and suffering from a ‘rules-based mentality’.
New hirings will come from the Big Four accounting firms and top City law firms.
An FSA spokesman said the exercise involved a shift from the use of specific regulation rules to a more principles-based approach.