The FSA's determination to move towards a principles-based regulation regime will lead to better outcomes for both consumers and financial services companies, according to the Association of British Insurers (ABI).
Commenting on the FSA's new publication, Principles-based regulation: Focusing on the outcomes that matter, ABI director General Stephen Haddrill said:
" The FSA has today confirmed its high-level commitment to a principles-based regulation regime and also signalled some of the challenges that this will raise. We agree that a principles-based approach will lead to better outcomes for consumers as well as companies. It is also encouraging to see the FSA's determination to resolve some of the issues ahead of us, including the role of the Ombudsman Service and European legislation."
