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FSA survey claims firms strongly believe in regulation

The majority of regulated firms believe in the importance of strong regulation post-Northern Rock, a financial services survey claims.

The Financial Services Practitioner Panel gauges attitudes on how well the industry thinks the regulator is performing.

The latest survey results reveal that out of 4,459 regulated firms 85% recognise the need for strong regulation post-Northern Rock.

This is an increase from the last survey in 2006 in which 79% of firms found regulation beneficial.

But 82% of companies still feel the current system places too much regulatory burden on firms, compared to 86% in 2006.

Nick Prettejohn, chairman of the Financial Services Practitioner Panel, says: “The survey contains messages that the FSA is already responding to post-Northern Rock – that effective supervision by people who understand the business issues and industry needs provides the best type of regulation.

“The more the FSA communicates and interacts with the industry, the more effective its regulation will be. We in the industry recognise the need for regulation particularly at this time and we stand ready to engage in that process with the FSA.”

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Lloyds TSB says it is committed to a multi-brand strategy and will maintain a number of core brands following its acquisition of HBOS in 2009.In particular, Bank of Scotland, Halifax and Lloyds TSB will all continue to operate on the high street once the proposed acquisition is completed. The combined organisation will have the largest […]

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Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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