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Milburn promises &#39light touch&#39 on FSA bill

The Chief Secretary to the Treasury Alan Milburn has published a progress report on the Financial Services and Markets Bill.


Milburn says that the Government will guided by the principle of a light touch wherever possible.


It also says that the bill has been significantly improved since it was first drafted, with a framework for fair and transparent disciplinary procedures, a requirement for the Financial Services Authority to consult on costs and mechanisms to ensure FSA accountability.


Milburn says: &#34Overburdensome regulation would stifle innovation and increase consumer costs. The bill will enhance the competitiveness of the industry while ensuring better protection for financial services customers.&#34

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