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Take opportunity to change the Financial Services Act

Parts of the Financial Services and Markets Act could be “significantly improved”, says FSA chief executive Hector Sants, who wants the act to be reviewed.

At the Reform conference last week, Sants said the Government’s reform of the regulatory structure signalled a “fundamental shift in philosophy” to turn the regulator from a disclosure-based regulator into a pre-emptive one.

He believes one of the benefits of the reform programme is the chance to revisit the FSMA framework.

He said: “One of the key benefits out of the change process we are going through is the opportunity for a domestic rewrite of the legal framework and there are a number of areas where experience tells us that the FSMA can be significantly improved in terms of getting better results for society as a whole.”

The Government’s consultation on the proposed regulatory reforms closed on October 18. A further consultation, including draft legislation, will be published early next year.

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