FSA Launches New Retail Savings Regulatory Strategy Group

by Robin Pilgrim, LawAndTax-News.com, London

02 February 2007

The UK's Financial Services Authority this week announced the formation of a group to provide stakeholder input to help the FSA enhance the coherence of its retail regulation of savings agenda.

The Retail Savings Regulatory Strategy Group, with members from the financial services industry, consumer groups and other stakeholders, had held its first meeting the week prior.

At the inagural meeting, it confirmed that it would focus on helping the FSA to deliver as effectively as possible:

• The coherence of the FSA's industry-facing regulatory initiatives in the retail area; and
• A more principles-based approach to meeting the FSA's statutory objectives, in particular for consumer protection, in a way that facilitates the contribution from market-led solutions and from FSA leadership and co-ordination.

The group is chaired by Clive Briault, FSA Managing Director for Retail Markets, who explained that:

“We have set up this group in response to constructive comments from trade bodies and from last year’s Practitioner Panel survey. We are currently working on a number of initiatives relating to the regulation of retail savings, and are always looking at ways to enhance our co-ordination and communication by engaging with our stakeholders. We have assembled a strong team and I am grateful to them for agreeing to work with us.”

The other members of the Group are Terri Dial (of Lloyds TSB), Trevor Matthews (of Standard Life), Richard Wastcoat (of Fidelity), Stanley Lovell (of On-Line Partnership), Doug Taylor (of Which?) and David Thomas (of the Financial Ombudsman Service).

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