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Fears raised on principles

Federation of Small Businesses head of policy Andrew Cave has warned that the move to principles-based regulation is creating problems for firms.

Speaking at a fringe meeting at the Labour conference in Manchester, Cave said he did not feel the FSA had the expertise to cope with such an approach and argued that rules were less time consuming and expensive for IFAs to follow.

He said: “For our members, the regulatory burden is less of a problem than the grey areas of uncertainty. Principles-based regulation will create a much bigger grey area and we believe it could damage IFAs. We believe it is precisely the wrong time to be engaging in this and we are urging caution.”

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