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Brown to cut FSA red tape

Chancellor Gordon Brown is to slash red tape at the FSA.

Brown told the CBI conference in London this week that as part of cost-saving measures to be included in the pre-Budget report, he will focus on a risk-based approach to financial services and will bring in 10 simplification and deregulatory measures to reduce the burden of information and reporting requirements.

He said: “The measures will cut demands for information, forms and reporting requirements, including cutting disclosures of change of control by 15 per cent and up to 20 FSA consultations each year.”

Brown has asked Neil Davidson, QC, former solicitor general for Scotland, to conduct a full audit of areas where gold-plating of European regulation has led to an additional burden. In a speech which was seen as conciliatory to the business world in the wake of the Department of Trade and Industry’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”.

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