FSA abolishes rules for reporting management roles

The FSA has taken a further step in its attempt to release financial firms from administrative burden...

The FSA has taken a further step in its attempt to release financial firms from administrative burden by omitting the annual requirement of managers to report the roles of FSA-approved members from its hand book.The move is estimated by the FSA to save £2m a year in administrative costs and will have immediate effect across the industry.Until now financial companies were required to report all persons who were in significant management posts and their roles and responsibilities to the FSA by 31 July every year. In a consultation paper released last year the FSA also proposed two other chang...