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FSA introduces industry guidance

The FSA’s new framework for recognising industry guidance came into effect today in a further step towards principles-based regulation.

Trade associations, professional bodies and firms will be able to seek formal confirmation for the guidance they generate to help their members understand and meet the FSA’s regulatory requirements.

FSA director of strategy and risk Verena Ross says trade associations have for many years provided guidance on regulatory matters for their members.

She says: “This new formalised system involving FSA confirmation will contribute towards the move to principles-based regulation, allowing us to focus on the main principles to be achieved. Industry guidance will give firms help and advice on ways of complying with FSA principles and high-level rules, in a way that should not only stimulate flexibility and innovation but also tailor the advice to different sectors.”

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