FSA hosts annual public meeting

The Financial Services Authority (FSA) is hosting its annual public meeting today (June 24th) , where chief executive Hector Sants has discussed the proposed regulatory changes announced by the Chancellor of the Exchequer in his Mansion House speech on June 16th.

Mr Sants pointed out that the new structure will create separate organisations to address conduct and prudential risk, and the FSA will be required to ensure that the new entities carry forward the philosophy of "outcomes-based regulation" and also the "necessary mechanism" for making the required judgements.

He explained: "The key issue is ensuring we have the right quality of people, the right culture and the right regulatory philosophy. Achieving these goals will be a challenge, particularly since we are likely to be making these changes against the backdrop of a continued fragile marketplace."

The meeting also providing members of the public and interested parties with a forum to discuss the FSA's Annual Report, which was published on June 10th and detailed the measures taken to bolster FSA compliance across the UK in the last three years.

Posted by Tony Miller