Product category:
General insurance
News Release from: Moneysupermarket.com | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 25 April 2007
moneysupermarket.com comments on the new
FSA regulations
Commenting on the FSA's move towards a more principle-based regulatory regime, Stuart Glendinning, managing director of moneysupermarket.com, said:
"My view is that principles based regulation could be a good thing" "If implemented correctly, it will give firms greater flexibility to do business in a compliant way, rather than compliance driving how business is done"
""But smaller firms that don't have the infrastructure to support a skilled compliance resource might unknowingly fall foul of the principles-based approach".
""There will be high-profile fines from the regulator that will eventually push firms into joining networks".
"This will result in the industry going full circle, as the networks will then dictate how firms do business.".
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