Overview

This briefing by Denton Wilde Sapte provides an in-depth look at the Financial Services Authority’s (FSA’s) recently-published business plan for 2010/11.

Unveiling the plan, FSA Chief Executive Hector Sants said: “If society wants a more proactive approach, it must accept that it will have a larger and more expensive regulator.”

Mr Sants’s words were no doubt aimed at the Conservatives, who intend to abolish the financial watchdog and dole out its portfolio to the Bank of England and a new consumer protection agency.

In the foreword to the Business Plan, Sants says the potential plans inhibit the FSA’s ability to retain quality staff and to develop its culture. The FSA now has to wait for the outcome of the election to carry out its plans to “deliver organisational change”. This can only be problematic given the long list of proposed regulatory reforms that will have to be scrutinized and implemented in the next few years.

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