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Committee could be scrapped

The controversial regulatory decisions committee of the FSA could be swept away as the regulator makes changes to its enforcement process.

The FSA has outlined an investigation into its procedures and is thought to be considering sweeping changes to the RDC.

The committee, which is set up and run by the FSA but chaired by independent members, was heavily criticised for the way it came to the recent decision of a 1.1m fine for Legal & General for endowment misselling.

After the financial services and markets tribunal said the fine should be cut, the FSA said that lessons could be learned.

FSA chief executive John Tiner says: “We continually review our procedures for investigations and making enforcement decisions in the light of experience and look to identify improvements. We will consider carefully the comments of the tribunal.”

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