Financial Services Authority (FSA) plans to improve the financial capability of consumers have been hailed as “good news” by the Association of British Insurers (ABI).
Stephen Haddrill, ABI director general, welcomed the move following his organisation’s “long-argued” wish for less prescription and higher-level principles regarding financial service regulation.
He said: “The FSA’s commitment to principles-based regulation is good news for customers and companies.”
FSA efforts to equip consumers with the ability to make informed financial choices lauded as something that “changes the job of the regulator and its relationship with companies”.
The comments were made following the release of the FSA’s Business Plan for 2007-08, which suggest that there will be more emphasis given to improving the financial capability of the UK.
To meet these aims the FSA is looking to invest in better training and improved facilities and hopes to increase its overall budget by ten per cent.
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