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FSA finally set to alter compliance attitude

The way the FSA conducts its hated compliance visits could change as a result of a new consultation process which will look at the approach to supervision.

FSA head of training David Jackman revealed to Money Marketing it is planning a high-level consultation on supervision towards the end of August.

Spokeswoman Jackie Blyth says it will look at how firms are regulated and will lead to an examination of compliance visits. Many IFAs regard the visits as the bane of their lives.

The findings of the industrywide consultation on areas such as education and enforcement will contribute towards the FSA&#39s “supervision manual”.

LIA public affairs director John Ellis says the FSA is changing its approach as a single regulator. He says the FSA wants supervision to be more risk-based and go after wrongdoers rather than “hassle the innocent”.

He says: “There are big issues here, such as how to find out who is doing wrong if you do not monitor the whole lot.”

Jackman says: “The style of supervision has not been decided. We need to think about how to use different regulatory tools such as education and enforcement, so we are launching a consultation on the supervision manual.”

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