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Tories call a truce with the regulator after talks

The Tories will hold fire on the FSA over the next few months and await the outcome of its latest strategies after a recent meeting with FSA chairman Callum McCarthy.

Shadow Treasury Financial Secretary Mark Field says his meeting with the regulator was very useful and helped allay some fears over excess bureaucracy.

At the meeting, Field put to the FSA the growing number of complaints that he has been receiving about its effectiveness and the regulatory burden placed on small businesses and will now look to see how practices such as Treating Customers Fairly and other recent measures can ease these concerns.

He says it is only fair to give the regulator time to allow improvements and changes to bed down although the Tories will keep a close eye on issues such as the Sipp regulation gap.

Field says: “The responses to our queries were quite detailed.

“I think that we will be holding fire on the FSA over the next few months as we await the results of a lot of its work in progress.”

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