Tories plan to curtail powers of the FSA and ombudsman

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The powers of the FSA and Financial Ombudsman Service could be curtailed under Conservative plans to...

The powers of the FSA and Financial Ombudsman Service could be curtailed under Conservative plans to cut bureaucracy in the financial services industry. Tory shadow financial services minister Richard Spring, former managing director at stockbroker Furman Selz, wants to repeal the Financial Services and Market Act and replace it with a new one. He has launched a two-month consultation period with industry representatives to decide what this should be. Spring said: "As the financial services sector becomes more important, the costs of compliance and of administering the FSA are rising. We...

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