The FSA wants to be seen as “smart, sharp, mean, but loved”, says Simon Morris, partner at law firm CMS Cameron McKenna.
Morris says the regulator is a “real reformer” and will only come down heavy on firms that work in a way that prevents it from meeting its four statutory objectives, which are to be achieved by 2005. They are:
Consumers better understand their rights and responsibilities and are more demanding Firms deliver more suitable products, compliantly and are prepared for change FSA to be firm but fair FSA seen as stronger more effective insurance regulator “The FSA is concerned about the marketing of general and health insurance products and if this introduces elements of risk. If it does, it undermines its four statutory objectives and it will get its hindquarters kicked by the Treasury Select Committee,” says Morris. “The FSA wants to see that senior managers have mapped their business structure, identified areas of risk and established systems to deal with them.”