European and Global Regulatory Landscape
In line with the global nature of the recent crisis and the effect on regulation of the financial industry going forward; we continue to work on the European and Global regulatory landscape.
Smaller firms are not in a position to influence developments and therefore rely very largely on the FSA to protect their interests against disproportionate changes coming from the EU.
The Panel has always asked the FSA to ensure that the regulation imposed on smaller firms is proportionate to the risks they pose to the FSA’s statutory objectives. With the burden of regulation on those firms that do pose a risk likely to increase significantly in the next couple of years: the Panel continues to reiterate this request.
We have supported the proactive approach adopted by the FSA and trade associations to the review of the EU Insurance Mediation Directive, and continue to follow Basel and Solvency II developments in particular.
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