The FSA Smaller Businesses Practitioner Panel (the Panel) today releases its Annual Report for 2006/7. As a part of the regulatory accountability framework. The Panel represents the interests and views of smaller financial services firms, and monitors the overall performance and effectiveness of the FSA in the context of its treatment of smaller firms.
“2007 is proving to be another watershed year for regulation the implementation of European directives, the FSA’s transition to a more principles-based regime and the Retail Distribution Review to name a few.” says Mark Rothery, Chairman of the Panel. “It will be essential for smaller firms to actively engage with the FSA in order to continue to fulfil their regulatory obligations and to maintain contact with the changing regulatory environment.”
He adds: “In the first instance, it is about the FSA ensuring that communications are clearer, better targeted and more accessible for smaller firms. Some recent progress has been made here, thanks in large part to the efforts of the Small Firms Division (SFD), of which the Panel has nothing but praise.”