FSA: We are at a pivotal point in financial regulation

26 March 2010 at 17:30

FSA: We are at a pivotal point in financial regulation Now is a "pivotal" time for the regulatory business, according to Sheila Nicoll, director of conduct policy at the Financial Services Authority (FSA).

In a speech at an Association of Luxembourg Funds Industry conference, Ms Nicoll explained that the combination of factors has led to "phenomenal, though not insurmountable, challenges for all of us - as industry, as regulators and as consumers".

These factors include a "broader trend of globalisation", a significantly more deeply integrated Europe, the economic crisis and the increased "complexity of consumer circumstance and needs".

She asserted that financial regulation needs to be durable but maintain the ability to adapt to inevitable changes.

It should also be able to deal with local needs while still recognising that the FSA has obligations as Europeans and as partners in international financial markets.

The new chief of the Association of British Insurers Kerrie Kelly recently said that FSA regulation work is in proportion to the risk posed to both consumers and shareholders. ADNFCR-3006-ID-19691776-ADNFCR

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