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ABI draws up a dossier on FSA’s failings

The ABI is compiling a dossier of evidence on the FSA to push the regulator to revisit the costs of supervision and improve efficiency.

Speaking in the second week of his new role as ABI director general, Stephen Haddrill says the FSA needs to think hard about the costs it inflicts and says the FSA has not lived up to promises it has made to the industry on the way it will regulate.

He says the ABI’s new hard line stance will see it compiling case studies and listen- ing to member complaints to gather evidence to put to the regulator about the way that it operates.

Haddrill says the FSA’s treating customers fairly initiative is a good concept but questions whether it is working, with the possibility that it duplicates other supervisory activity.

He also says the ABI will be at the forefront of the pension debate in the lead-up to the publication of the Tur- ner report this autumn, producing evidence rather than just “sounding off”, as he claims other bodies seem to be doing.

Haddrill says the ABI will publish a report in mid-June based on findings from PricewaterhouseCoopers that will suggest that compulsion is not the solution to future pension problems.

Haddrill says: “We are doing research to see how FSA supervision works on the ground. There is no point in having a dialogue without real evidence but the regulator needs to revisit the costs of this supervision and make sure it is as efficient as possible.”

FSC Investment Services managing director Frank Coch-ran says: “Legal & General stuck two fingers up at the FSA and there now seems to be less and less industry respect for the regulator as it has lost the trust of the market.”

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