Following the publication of the Financial Services Bill today, Otto Thoresen, Director General, ABI said
"The first reading of the Financial Services Bill is an important milestone in the move to twin peaks regulation. We are pleased to see that the new conduct regulator's main focus will be on making sure that financial markets work well. The FCA must promote positive outcomes for consumers, rather than just focus on avoiding negative outcomes.
"Firms now need a clear and realistic timetable for the remainder of the transition which takes in secondary legislation, as well as the parliamentary stages of the Bill, and includes a period for firms to update their systems and customer communications. The FSA must ensure that they do not overburden firms in the transition as it is vital that we get the right result on initiatives including Solvency II and the Retail Distribution Review."
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