The Financial Services Authority (FSA) has responded to industry feedback by issuing a paper outlining a new plan to merge lesser used customer functions in the approved persons scheme.
The proposal will reduce the number of regulations and restrictions that currently slow down the entire industry through the approval of IFAs and other people approved to give financial advice.
David Kenmir, the managing director of regulatory services at the FSA says that the streamlining of the programme, both in terms of finances and red tape, will help the industry to continue to reform itself.
"Through our handbook review programme, the FSA is removing regulations whose costs outweigh the benefits they bring.
"The proposed merger of customer functions offers a further £1 million annual saving for firms," Mr Kenmir added, although he stressed the slimming down process would not affect the stringency of the checks and approvals process the FSA provides.
A consultation paper completed in July 2005 first detailed the proposals set out in the latest publication and these initial recommendations are, in the main, being implemented without change.To read more about banking, click here.
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