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IFAs urged to help set agenda for Treasury review of the FSA

The Treasury is drawing up the agenda for its two-year review of the FSA but is not formally consulting with the industry on what should be included in the review.

The review is required by the Financial Services & Markets Act of 2000 and is scheduled to begin by December.

Although the Treasury is expected to have the agenda fixed by November, at which stage it will be unalterable, there has yet to be any consultation with the industry on what the age-nda should be.

It is understood that industry input is welcome but it would need to be provided to the Treasury in the next couple of months.

Sofa managing director Brian Lawless believes it is a poor call that the Treasury has not actively sought consultation from the industry on the agenda for the review. He cannot see how effective the review would be without industry input into how it is structured.

Aifa director general Paul Smee says any input should be sent in as soon as possible. He is expecting the Aifa submission to be with the Treasury in the next couple of weeks. He believes the Government review should not be limited to the FSA and should include, for example, the Financial Ombudsman Service.

He says: “The review needs to look at all the institutions set up by the Act, not just the FSA. This is what was intended in the legislation.”

A Treasury spokesman says: “We are looking to finalise the terms of the review by the end of November. We want to take a fairly open approach of having a wide range of opinions in the review but cannot comment at the moment on the details of how that would work.”

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