No retrospective legislation the FSA promises

The FSA has stressed it will not apply retrospective legislation on product sales and financial advi...

The FSA has stressed it will not apply retrospective legislation on product sales and financial advice, despite its move towards principles-based regulation. Speaking at last week's Pims conference, director of small firms at the FSA Stephen Bland said the regulator will judge firms by the standards and rules at the time of sale. "The FSA believes firms should be assessed against assumptions that were reasonably made under the regulatory context of the time and there should be no retrospective application of later, more exacting standards," he added. "Firms can help themselves by keepi...