The head of the UK's Financial Services Authority, Sir Howard Davies, has offered advice and support to the authorities in the Republic of Ireland, who are currently preparing legislation which will allow the country to follow in Britain's footsteps in a regulatory sense.
Speaking to Insurance Update, the monthly newsletter of the Irish Insurance Federation, Sir Howard revealed that the amalgamation of nine separate financial regulatory bodies into one overarching financial services regulator had saved the UK government some £20 million in costs.
He told the newsletter that economies of both scale and scope had been made as a result of the moves, and that an integrated approach had allowed the FSA to look across the entire industry when assessing the impact of events such as the September 11 terrorist attacks and the collapse of Enron.
When asked whether he had any advice for the Irish government as it works towards the establishment of a single Irish financial services regulator, the FSA chief observed that:
'It's a brave regulator who offers detailed advice to his fellows.' However, he added, somewhat more helpfully, that: 'Our experience shows the importance of maintaining momentum, and making key managerial decisions quickly.'
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