View more on these topics

BSA in plea to head off regulatory turf wars

The Building Societies Association has stressed the importance of co-operation between the Prudential Regulation Authority and the Financial Conduct Authority, saying the two bodies should not be fighting “turf wars”.

Labour MP Nick Brown questioned the BSA and the Association of Financial Mutuals about dual regulation as part of the joint committee hearing on the draft Financial Services Bill last week.

BSA head of financial policy Jeremy Palmer welcomed the fact that the PRA and the FCA will have a statutory duty to co-ordinate with each other under the new regulatory structure.

But he added: “Whether it works will come down to culture as well as legislation. We think it is very important that the successor bodies should co-operate and not empire-build or fight turf wars.”

AFM chief executive Martin Shaw said there are some complications over what constitutes prudential regulation and what constitutes conduct regulation. He said in some countries that operate dual regulation, it can be difficult for the conduct regulator to discharge its powers fully, although he does not believe that will be the case in the UK.

Shaw said: “The concern we have is the degree of overlap between the two regulators where both of them are trying to do the same job in different ways and therefore whether the cost burden on firms increases as a result.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com