Speaking at the Confederation of British Industry conference last week, Brown told delegates he would cut demands for information, forms and reporting requirements made by the FSA.He says: “The pre-Budget report on December 5 will introduce 10 simplifications and deregulatory measures which will cut demands for information, forms and reporting requirements.” Brown says this will cut out up to 20 FSA consultations each year. He also blasts the regulatory approach followed by successive governments for more than a century as “outdated”. Brown is instead looking to embrace a more “modern” model of regulation, taking a risk based approach. He says this will be based on “trust in the responsible company, the engaged employee and the educated consumer, leaving government to focus its attention where it should be”. Brown says there should be no inspection without justification, no form filling without justification, and no information requirements without justification. Legislation published before Christmas will make the risk-based approach a statutory duty of the regulator. It is claimed this will save businesses up to 300m a year in administration costs. Speaking at the conference the day after Brown, Blair told delgates he supports Brown’s measures and says the changes must happen if this country is to compete in the world market of the future. Blair adds: “There will be a Better Regulation Bill early in the new year which will make it easier to amend legislation to make it simpler and less burdensome.” Robin Gordon-Walker, spokesman for the FSA, says the watchdog made a pledge back in 2003 to cut the number of consultation papers and it has achieved this objective. He says: “We have an ongoing pledge to consult only when necessary and also to make demands only when necessary. “We work hard to make the FSA an easy organisation to do business with.”
- Top trends
Mortgage Match plans to boost its network size from 25 to 40 in the next 12 months after signing a deal with Legal & General. The deal means Mortgage Match’s appointed representatives will be able to sell the insurer’s life and protection products. Mortgage Match was formed in August 2001 by former Future Mortgages BDM […]
Ray Boulger, senior technical manager at John Charcol has welcomed some of the news form the Budget but says there is the usual missed opportunities.Boulger comments: The plight of the first-time buyer has dominated the personal finance and news pages, and indeed the mortgage industry, for some time now. A lack of first-time buyers reduces […]
With the festive season fast approaching, two of the items on brokers’ Christmas wish lists must be a thorough cleaning up of the payment protection insurance market and more of accident, sickness and unemployment products.
The Treasury and the Financial Services Authority have responded to the European Commission’s proposals on mortgage credit in the EU. They say the UK is “sceptical” about EC intervention in mortgage regulation.
Last week was Adult Learner’s Week, a celebration of lifelong learning and continued education. But why should education stop after school?
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