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City finds FSA &#39intrusive&#39

City institutions find the FSA “bureaucratic, intrusive and insensitive” in its regulation of UK financial services, according to a new report.

The report, “Waking up to the FSA”, by the Centre for the Study of Financial Innovation, a City think-tank, says the FSA has failed to communicate how it will use its new powers after N2.

But the FSA has not caused a flight of business from London and is seen as the most sophisticated and approachable of all leading financial services regulators around the worls, according to the report.

The Centre for the Study of Financial Innovation based its report on interviews with 70 financial institutions and representations from the FSA.

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