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Hong Kong regulator to be FSA enforcer

The FSA is importing talent from Hong Kong to head its enforcement division responsible for disciplining authorised firms which fall foul of the regulator.

Andrew Procter, 39, is currently responsible for financial intermediaries and investment products at the Hong Kong Securities & Futures Commission and is set to become FSA director of enforcement in November.

He has been a commission member in Hong Kong since the start of 1998. His main areas of responsibility at the FSA will be conducting investigations into potential regulatory failings by authorised firms, taking civil or criminal action where warranted and securing restitution for consumers where necessary.

For IFAs, Procter will be responsible for taking action against firms which fail to renew their PI cover, fail to keep pace with the pension review or fall short of other regulatory areas such as compliance failings or breaching financial resources requirements.

He will replace enforcement boss Dan Waters, who becomes director of the risk and assessment division.

Procter says: “This is a challenging role as the FSA prepares to take on its full powers from the end of November. I recognise that firms and customers will be looking for evidence that we will exercise these powers in a proportionate and effective way.”


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