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FSA has ‘lost sight’ of Europe due to restructure

Tim Dolan Pinsent Masons 200

A former member of the FSA’s retail enforcement division believes the break-up of the FSA has led to the regulator becoming less effective at lobbying Europe on financial services legislation.

Law firm Pinsent Masons head of the financial services regulatory team Tim Dolan (pictured), who worked at the regulator between 2003 and 2005, believes the restructure of the FSA to the Prudential Regulation Authority and the Financial Conduct Authority is unnecessary and the FSA’s change of focus could have been achieved under the existing regulatory framework.

He adds it has had a knock-on impact on the UK’s interaction with European regulators.

Dolan says: “The energy and effort spent on restructuring the FSA means we have lost sight of more important things like dealing with the European Commission and making sure European directives actually respond to what British financial services firms want.

“The FSA used to be very good with that. It gave a lot of thought to what directives meant and did a lot of work in Europe advocating for sensible interpretation. I do not see that happening at the moment and that is a concern.”

Jacksons Wealth Management managing director Pete Matthew says: “The regulator has taken an eye off Europe but no one wants to pay higher fees so it can hire people to deal with European regulation.”

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Big LOL. …“The energy and effort spent on restructuring the FSA means we have lost sight of more important things like dealing with the European Commission and making sure European directives actually respond to what British financial services firms want.”

    Since when did the FSA ever do what FS firms want? They only ever do what they want so they can continue to empire build. Maybe another 2000 staff for them would be the answer… Not

  2. Martin Wheatley to Hector Sants, shortly before the departure of the latter: What’s the best way to deal with another regulatory failure hitting the headlines?

    Hector Sants hands Martin Wheatley two sealed envelopes, marked Letter 1 and Letter 2. These may help, he says.

    A year or two down the line, sure enough another regulatory disaster is exposed and the media are onto it like flies on a fresh pile of elephant dung. Martin Wheatley opens the first envelope. The message inside says: Blame it all on me, I’ll be long gone.

    So Martin Wheatley blames it all on his predecessor, the media swallows it and eventually this latest furore dies down.

    A year later, another crisis blows up, again because the regulator has been looking in the wrong direction. Martin Wheatley reaches for Letter 2.

    Inside, it says: Write two letters.

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