Sticking to the FSA’s principles

Following on from our news analysis on page 10, this extract from a presentation to the FSA’s Summer school by Clive Briault, managing director of retail markets at the Financial Services Authority, explains how Treating Customers Fairly is part of the FSA’s wider move to a regulatory regime led by principles over prescriptive rules.

By far the most important reason for adopting a more principles-based approach to regulation is to achieve a better outcome for consumers, investors and markets. So, for example, the purpose of our Treating Customers Fairly initiative is to ensure that firms treat their customers fairly in all parts of their business.