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Brown outlines cuts in FSA red tape

The Treasury is to demand the FSA cuts information requirements on firms and up to 20 consultations a year as part of cost saving measures to be announced in the Pre Budget Report.
Chancellor Gordon Brown told the CBI conference he wanted to increase the risk based approach in financial services and will announce 10 new simplification and deregulatory measures to cut the burden of information, forms and reporting requirements.
In a speech seen as conciliatory to the business world in the wake of DTI secretary Alan Johnson’s deal on public sector pensions, Brown said there must be pension reform but debate was needed to ensure it is ‘sustainable, fair and affordable’.
Brown said: I will publish at the Pre Budget Report 10 new simplification and deregulatory measures which will cut demands for information, forms and reporting requirements including cutting by 15 per cent disclosures of change of control and up to 20 FSA consultations each year.

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