Work programme 2007/08
The following list is a snapshot of the Practitioner Panel's anticipated key work streams for the coming year. It is by no means complete, as many issues emerge during the course of the year that have not been identified beforehand.
For further details on many of these items, please see our 2005/06 Annual Report, Chairman Roy Leighton's Speech at the FSA's latest Annual Public Meeting and the findings of our 2006 Survey of Regulated Firms.
Regulatory Themes and Initiatives
- Implementation of Treating Customers Fairly (TCF):
The Panel will monitor closely how the implementation of TCF will be evaluated and applied by the FSA, and whether firms are sufficiently clear on what TCF means for them in practice. - Move towards more principles-based regulation:
The Panel will work with the FSA to help it move towards a more principles-based regime; again, clarity and openness will be vital to ensure firms know how principles will be supervised and enforced. - FSA "Making a Real Difference" agenda:
The Panel will support the FSA in implementing its "Making a Real Difference" agenda, hoping that it will lead to a sleeker, more effective regulator with high-quality and well-trained staff – a vital component of a more principles-based regime. - Retail Distribution Review:
The Panel will actively contribute to the FSA's review of the current retail distribution system through involvement with the FSA's industry groups and its own sub group to ensure that the review embraces realistic objectives that will ultimately improve the operations of the retail sectors. - Quality of Advice research:
Through its involvement in the FSA's expert group, and collectively, the Panel will closely monitor progress on this piece of research to ensure that its methodology and objectives will yield useful and robust results. - Financial Capability:
Already heavily engaged through its previous presence on the Financial Capability Steering Group, the Panel will continue its dialogue with the FSA and other stakeholders (including the Consumer Panel) to identify pragmatic, cost effective and commercially viable solutions to this difficult problem – and monitor the FSA's measurement of its impact. - Financial Services Compensation Scheme (FSCS) review:
Through its presence on the FSCS Review Advisory Group, the Panel already has contributed substantively to the review; it will be further engaged in the consultation process which will be launched early in 2007. - Deregulation and Better Regulation agenda:
The Panel will continue its dialogue with the FSA on identifying rules and regulations where costs clearly outweigh benefits, and which could therefore be removed. It will continue to liaise with FSA as well as other stakeholders (i.e. HMT) to further delivery of the Better Regulation agenda. The Panel will also monitor how the FSA addresses key issues emerging from the Deloitte Costs of Regulation Study, undertaken jointly by the Panel and the FSA in 2006. - Regulatory initiatives towards Alternative Investments:
The Panel already has contributed substantially to the FSA's exploration of certain alternative investments (i.e. hedge funds, private equity) through sub groups and will remain close to the issue to ensure that regulatory initiatives are proportionate and suitably measured. - Implementation of MiFID, CRD:
The Panel will monitor closely whether the FSA's implementation of key EU directives, such as MiFID and CRD, are proportionate and do not put UK firms at a competitive disadvantage vis-à-vis their European counterparts. The Panel will also review the FSA's efforts – in conjunction with HMT – in influencing EU directives and other international regulatory initiatives. - National Audit Office (NAO) Value for Money Review of the FSA:
The Panel contributed to the Review through a number of meetings with the NAO. Depending on the final findings, it will use its recommendations to inform and guide its work on monitoring the FSA's performance and effectiveness, where appropriate. - Retail Financial Services Group:
Through its Chairman the Panel is represented on the RFSG, a forum of senior consumer and industry representatives set up in June 2004 upon recommendation of the Treasury Committee, which meets regularly to discuss issues such as equity release and financial capability.
Specific Panel Events
- May/June: Publication of 2006/07 Annual Report
- 8th June 2007: 6-monthly joint briefing with SBPP of the trade associations
- 19 July 2007: Panel Chairman Roy Leighton's speech at FSA Annual Open Meeting
- Q3 2007: Invitations for tender/beauty parade for 2008 Survey of Regulated Firms
- Q4 2007: Next 6-monthly briefing of the trade associations
- Q4 2007: Dinner with FSA Board (TBC)
- Q4 2007: Dinner with Consumer Panel (TBC)
