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fsa on responses to turner review September 30, 2009

Posted by Bradley in : financial regulation , trackback

The FSA has published its report on reactions to the Turner Review (and accompanying discussion paper). The FSA reports that it received 81 responses (which it characterises as being “of a high standard”!) and states that:

… London’s reputation as a financial centre will be enhanced by a strong and effective regulatory framework, implemented robustly by FSA supervisors. Some have argued that the FSA should be very sensitive to the impact of any new regulatory proposals on London’s attractiveness as an international financial centre. While the FSA is certainly required (and will continue) to have regard to ‘the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom’, this is only one of a number of considerations that the FSA is required to take into account…More importantly, the FSA’s overriding concern is to achieve its statutory objectives, in particular maintaining market confidence and protecting consumers. An effective regulatory regime that delivers those objectives is the FSA’s highest priority.”

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