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Budget will set tests for FSA to cut red tape

The next Budget will set out tests for the FSA to comply with the Hampton review which looked at cutting red tape.

The pre-Budget report says the Government is to speed up implementation of the Hampton recommendations.

The National Audit Office is currently undertaking a “value for money” review of the FSA and its findings will be laid before Parliament next year.

The pre-Budget report says that the FSA has made “substantial progress” towards risk-based regulation. The report says: “The assessment process will focus on a regulator’s adherence to the Hampton principles and encourage continuous improvement.”

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