Member

It is useful to compare and contrast with the regulatory principles set out in the Legislative and Regulatory Reform Act 2006, to which we will also be returning in a later group. That is admirably succinct and says that regulatory activities should be transparent, accountable, proportionate and consistent, and they should also be targeted at cases only in which action is needed. While the 2006 Act does apply to the financial services regulators, several of the requirements in it are duplicated in Section 3B. The regulatory reform Act applies to all regulators, not just the financial services ones; any additional principles or additional wording around principles in FSMA should be justified as being essential for financial services regulation.