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FSA urges firms to follow trade body advice

The Financial Services Authority set out plans to encourage greater use of industry guidance as it moves towards a more principles-based approach to regulation.

Such guidance includes codes of practice and similar statements generated by trade associations and professional bodies to help their members understand and follow good practice in meeting regulatory requirements.

The FSA’s Andrew Whittaker says: “These proposals will contribute towards more principles-based regulation by allowing us to focus on the main principles to be achieved, rather than the detail of how to comply with them.

“They will give firms guidance on ways of complying with FSA principles and rules, but in a way that should stimulate flexibility and innovation in meeting higher level standards.”


Out with a bang

So farewell then, Gerrard. As you read this I will have moved on to whatever pastures await me in my semi-retirement. I say semi because I know what tasks might be found for me at home if I do not profess to a continuing interest in the investment world.

Fidelity calls for rise in annual Isa limit

Fidelity UK managing director Richard Wastcoat has called on the Government to raise the annual investment limit for Isas.Wastcoat welcomed economic secretary Ed Ball’s confirmation that Isas would be made permanent after 2010, but asked for the Government to consider raising them from their current £7,000 level.Since their launch in 1999, UK consumers have opened […]

Suitability letter will be replaced

Newcob will replace the current suitability letter, including requirements to document the “most suitable” product, with a less prescriptive suitability report, giving firms more discretion over content.


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