FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
112 Section six – Appendices Appendix 2 We agree with the Panel that it is crucial to get involved at the earliest stages of EU policymaking. Consequently, we engage with Commission initiatives for new regulation at the earliest opportunity. The recent report of the National Audit Office (NAO) commended our activity in this area. It is also important for firms to engage in a co-ordinated and constructive way with the Commission, in particular through provision of market data to facilitate evidence-based policy making. We maintain close links with the Commission, which allow us both to understand and to influence their work programme. We have been successful in recent years in influencing their thinking, both in regard to individual measures, and their overall approach to regulation. We are very mindful of the impact of all regulation, including that originating in the EU on the competitive position of firms. We have an established policy of not introducing measures that are super-equivalent to EU requirements unless this can be rigorously justified on cost-benefit grounds. We have also been in the forefront of promoting a proportionate and risk-based approach to the supervision of EU and global groups that recognises the importance of collaboration and the judicious delegation of supervisory tasks in order to minimise the regulatory burden on firms. Passporting and home/host questions are of course not solely domestic issues and we have been working actively with the Commission and fellow members of CESR to find workable solutions. While promoting competitiveness of UK firms is not one of the FSA’s statutory objectives, when framing our regulation we are required to take this, together with the international nature of financial services, into account. We take this responsibility very seriously and if there is evidence that our regulation is a source of competitive disadvantage we will look closely to see whether there are adjustments that we can prudently make to offset this. We will not however take this to a point at which it would be harder for us to achieve our statutory objectives. Domestic regulatory agenda We agree that it is important for us to review and prioritise the discretionary new initiatives we undertake. We have a structured planning and budgeting process which takes into account our assessment of risks to our objectives. This allows us to judge what should be our main priorities for the coming year, which are set out in our annual Business Plan. The recent review of the FSA by the NAO recommended that we embed our OPR as fully as possible into our business management and planning processes. As our use of the OPR matures, we expect the output to add further robustness to our ability to make sound judgements on where we should be targeting our resources to achieve our longer-term priorities. This should enhance further our ability to explain to firms and others the programmes of work which we are planning. During the planning cycle each year we consult the Panel each year on our priorities. We find this dialogue helpful and will continue it in future years.
Section six – Appendices Appendix 2 113 Practitioner Panel survey of regulated firms We are always looking to improve our effectiveness and make the FSA easier to do business with. We continue to assess and, where necessary, revise our approach to make us more efficient and effective. For small firms in particular we have a tailored supervision and communications strategy. In our Business Plan for 2007/08 we set out changes we have already made to make it easier for small firms to do business with. Some of these changes will take time to bed in – for example the changes to our Firm Contact Centre and the RMAR – and others small firms will have already benefited from, such as targeted communications consolidated into one monthly update. We carried out independent research on many of our transactional regulatory processes. The results showed that on these transactions the majority of the sample of firms, which included small firms, found the FSA easy to do business with. The results of our own survey of the firms we relationshipmanage shows that we have made progress in giving consistent, clear and accurate guidance to our larger firms. This will be increasingly important in a more principles-based regime.
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Section six – Appendices<br />
Appendix 2<br />
113<br />
Practitioner Panel survey of regulated firms<br />
We are always looking to improve our effectiveness and make the <strong>FSA</strong> easier<br />
to do business with. We continue to assess and, where necessary, revise our<br />
approach to make us more efficient and effective. For small firms in<br />
particular we have a tailored supervision and communications strategy. In<br />
our Business Plan for 20<strong>07</strong>/08 we set out changes we have already made to<br />
make it easier for small firms to do business with. Some of these changes will<br />
take time to bed in – for example the changes to our Firm Contact Centre<br />
and the RMAR – and others small firms will have already benefited from,<br />
such as targeted communications consolidated into one monthly update.<br />
We carried out independent research on many of our transactional regulatory<br />
processes. The results showed that on these transactions the majority of the<br />
sample of firms, which included small firms, found the <strong>FSA</strong> easy to do<br />
business with. The results of our own survey of the firms we relationshipmanage<br />
shows that we have made progress in giving consistent, clear and<br />
accurate guidance to our larger firms. This will be increasingly important in<br />
a more principles-based regime.
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