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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.”

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