At the end of January, the FSA set up the retail savings regulatory strategy group – to help it deliver a coherent set of reforms and give life to its commitment to principle-based regulation.
Some people might ask why the FSA needs yet another group. But at the ABI, we think this is an important initiative and hope it will be widely supported.
We have been arguing for this sort of body for some time. The FSA has recently launched an impressive number of policy initiatives covering all aspects of distribution, customer service, financial promotions and the reform of conduct of business rules. It is vitally important that each reaches its conclusions in good order but also that they add up to a coherent whole.
Turning this set of reviews into a consistent programme of reform will be a tough and demanding task. I am pleased to see that it has now been taken up.
Association of British Insurers