Friday, 23 September 2011

UK: pre-legislative scrutiny of the Financial Services Bill - the FSA's submission to the Joint Select Committee

The Financial Services Authority has published the memorandum it has sent to the Joint Select Committee on the Financial Services Bill, following the Committee's call for evidence in respect of its pre-legislative scrutiny of the Bill. The FSA welcomes much that is in the Bill but highlights areas where greater clarity is required including, for example, with regard to the objective given to the proposed Financial Conduct Authority for promoting efficiency and choice in the market for financial services. The FSA also identifies areas where it would welcome further Parliamentary debate, including with regard to the accountability of regulators and where, in particular, the line is to be drawn between accountability and the autonomy of regulators to make judgments regarding rule-making and in relation to individual firms.

Other evidence receivied by the Committee, in writing and orally, is available here.

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