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FSA warned of regulatory pressure on small firms

The FSA&#39s small business practitioner panel is concerned that the new regulatory regime is placing undue burdens on small firms which could put them out of business.

In its second annual report, the panel suggests the burden of regulation may even lead to consumers having less choice as small firms are forced to merge or shut down.

The panel also asks the FSA to recognise the impact of increased regulatory costs to small firms arising from the new regime.

Joint panel chairman Roger Sanders says: “We will have a key role over the coming months in reviewing the impact of FSA policies as the regulator begins to put them into effect when it gets its full powers later on this year. The panel will be ensuring the views of small firms it represents are not overlooked in the process.”

FSA chairman Howard Davies says: “We note the concern of the panel and that the FSA needs to take account of the particular circumstances of small businesses. We believe our new risk-based approach to regulation will be better adapted to small firms than was possible under the previous regulatory regimes.”

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