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A mixed record as &#39industry is left to sort out mess&#39

Howard Davies will leave behind a mixed record when he vacates his seat as FSA chairman and chief executive.

Most in the industry are willing to give him credit for bringing together 10 regulatory bodies over the last five years but, equally, many point out that the FSA has often failed to head off or handle crises.

A common criticism is the vast amount of consultations that the FSA under Davies has published, swamping an industry struggling to keep abreast of regulatory changes.

Many IFAs will probably be glad to see the back of Davies. During his tenure, they have seen a polarisation review question their very place in the market and the regulator fumble the handling of the growing professional indemnity crisis.

IMA chief executive Dick Saunders says: “He has got it up and running, you have to give him that. But I do not think his vision of risk-based proportionate regulation has been realised, not by a long way yet. That will be for his successors to achieve.”

Informed Choice managing director Nick Bamford says: “He has been at the helm of an organisation that in under two years has published a staggering 168 consultation papers.

“He has probably done as well as he could have but it will be the industry left behind to sort out the mess.”

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