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Redwood pledging to downscale FSA

John Redwood says he will focus on reducing the size and strength of the FSA and lowering regulatory fees for advisers.

Speaking at MM Live, the head of the Conservative economic competitiveness group said he will not call for the FSA to be abolished but will look to streamline the regulator.

He said as well as informing the Conservative Party about future policy directions, his group will pressure the Government to improve retail and pension regulation.

Redwood repeated calls made at last year’s Money Marketing regulation round table for greater reliance on caveat emptor and a new regulatory regime to allow sophisticated consumers to buy products without the adviser facing future liabilities.

He said: “I am not offering you the abolition of all financial regulation or the abolition of the FSA. What I am offering you is a look at how much regulation we have got, with a view to making reductions in the volume and scale of the regulator. This will reduce the number of people needed to control or police it and will make a difference to the levies it will have to place on the industry.

“The more ideas you and your colleagues can come up with in terms of what we can get rid of, and that can be sold to the electorate, the better because I am by conviction a deregulator.”

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