With the FSA keen to push through its move to principles-based regulation, John Tiner, chief executive at the FSA, admitted that European integration and an increasing input in the market by the Financial Ombudsman Service (FOS) could have an impact. He said: “We are aware there are external issues that need to be addressed; the current preference of the EU Commission to adopt specific rules; the inevitable and proper establishment of precedent by the FOS, and the role of consumers in a more principles-based environment. All of these issues need to be examined carefully and will not be ignored as we plan and pursue our course.”
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Richard Fox, chief executive of the Society of Mortgage Professionals, welcomed some of the FSA’s moves, but agued that its aim would be hard to achieve. He said: “I think it’s desirable, but it’s difficult to achieve, which it admits – if you breach a principle it takes some repairing. As far as the FSA acting as a governing body and introducing the role of codes of conduct, then we are fully supportive of it.”
