Watchdogs revamp

Article Abstract:

The United Kingdom financial services industry will be regulated by a new body, the Financial Services Authority (FSA). The FSA head, Howard Davies, argues that the FSA can help with educating consumers, and it will be able to raise funds to do this. A unified regulator will reduce some confusion, but there are still areas that the FSA will not cover such as mortgages and insurance policies for long term care. Professional bodies involved in regulating accountants, lawyers and other groups will be retained, though there are concerns as to how well they regulate their professions.

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Financial reforms fall short of the mark

Article Abstract:

The United Kingdom government plans to reform the financial services industry and this involves the setting up of the Financial Services Authority (FSA). The FSA will replace nine regulatory bodies responsible for different parts of the industry. There are concerns that planned changes may not tackle the problem of inappropriate products, since the focus is on how products are sold rather than on the products. There are also unregulated areas, such as sales of mortgages and long-term care insurance.

United Kingdom, Business Aid & Regulation NEC, Economic policy, Industrial policy, Business assistance

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New tricks for old watchdogs

Article Abstract:

The United Kingdom financial services industry will be regulated by the Financial Services Authority (FSA) with Howard Davies at its head, The FSA will be fully resposible for the industry when it has received statutory backing from parliament. The FSA replaces a system where a number of regulators report to the Securities and Investments Board which in turn is responsible to the Treasury. These regulators will be amalgamated into the FSA from 1999.

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