The FSA's Sants pledges to maintain move to principles-based approach

FSA chief executive Hector Sants has pledged to maintain the regulator's move to a more principles b...

FSA chief executive Hector Sants has pledged to maintain the regulator's move to a more principles based approach, despite the Northern Rock situation. Speaking last week, he once again acknowledged the FSA's supervisory engagement with Northern Rock prior to July 2007 was not of sufficient intensity and rigour. But he also stressed the FSA is not intending to operate a no fail regulatory regime as this would stifle innovation. "I would like to make absolutely clear our stated move toward a more principles- and outcome- based regime has not changed," he added. "Some external comment...