Pain calls for supervision budget rise
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FSA managing director Jon Pain says the regulator will need to increase its staff budget to implement its new intensive supervision approach despite the coalition Government’s drive to cut £6bn worth of spending.
Speaking at a City and Financial Intensive Supervision Conference in London this week, Pain said the regulator’s staff faced a number of “internal risks and challenges”, including a “cultural shift” for its supervisors which will require an increase in its overall resource.
He said: “We need to continue to increase our overall resource and ensure that the training provided enables supervision to deliver our agenda.”
Facts and Figures Financial Planners managing director Simon Webster says: “It is outrageous that the FSA perpetually has its hand in the public purse, yet it has brought about nothing but regulatory failure.”
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Readers' comments (1)
Anonymous | 27 May 2010 10:39 am
“We need to continue to increase our overall resource and ensure that the training provided enables supervision to deliver our agenda.”
In other words, they want IFAs to pay to dig their own graves.SOD OFF, PAIN IN THE PROVERBIAL
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