BBA Statement on the FSA Business Plan

[Legal Beagles]

Banks support the need for reform and will continue to work with the regulator to improve regulation and strengthen the financial system in the UK.

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[Amethyst]

Re: BBA Statement on the FSA Business Plan

BBA

"The FSA should also look at how rules affect retail customers . The Financial Services and Markets Act - which governs how the FSA operates fails retail customers as it ends up with a stand off between the Financial Services Authority, the Financial Ombudsman Service and the Office of Fair Trading about what should - and should not - be the standards. The FSA's principles - as opposed to rules-based regime means we end up, years down the line, with arguments about what was meant at the start.

We urge regulators to engage earlier with the industry on products and services and to work to create a framework that gives consumers more certainty and confidence."



are the BBA asking for stronger regulation and more rules ? or have i read that entirely wrong ?