FSA ready for new regulation but at extra cost
Hector Sants, chief executive of the Financial Services Authority (FSA), has revealed that the the much-vaunted ‘twin peaks’ regulatory model will be up and running by April this year resulting in greater costs being imposed upon financial services.
This means that banks, building societies, insurers and major investment firms will, from 2 April, have two groups of supervisors, one focusing on prudential and one focusing on conduct.
All other firms, including insurance brokers, will be solely supervised by the conduct supervisors.
Mr Sants explained that the FSA could not completely replicate the approach proposed by the government in the Financial Services Bill published on 26 January, but he emphasised that the changes would go as far as
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