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FSA and OFT to work together under “flexible” MoU

The FSA and the Office of Fair Trading are changing the way they collaborate on financial services issues, scrapping the Joint Action Plan in favour of a more flexible Memorandum of Understanding.

The FSA and the OFT launched the Joint Action Plan in April 2006, which set out how the bodies would cooperate on issues of mutual interest.

In a joint statement released today, FSA chief executive Hector Sants and OFT chief executive John Fingleton say: “This new MoU establishes a framework for cooperation between the OFT and the FSA on financial services.

“Financial markets and the wider economy have changed dramatically since April 2006 and we need a more flexible approach that identifies and regularly updates key themes and plans specific joint action around those. In particular, we wish to strengthen our cooperation on competition issues.”

The MoU draws together a framework that shows how the bodies will work together on competition issues, unfair terms, consumer protection and banking conduct.

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  1. Bearing in mind the FSA (a company according to companies house) forced Unfair Terms on small IFAs (sole traders and partnerships)removing their right to a longstop, it is pretty disgusting that the OFT and Trading Standards have NEVER looked at this from the point of view of private individuals (sole trader IFAs), being forced to leave the indistry in 2001 or subject themselves to a contract to accept infinite liability when the rules are chanegd by hindsight.
    If this were being done to any otehr consumer group who had a choice to be regulated elsewehere thsi would be viewed as an unfair contract term……….
    Come of OFT, how can you sign an agreement with the FSA without checking whether the terms the FSA force on regulated individuals meet the Unfair Contract Terms and do not breach our Human Rights? At least make sure you see a copy of the legal advice they claim to have had otehrwise you may get drawn in to this abuse of power now too.

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