Some businesses will not be allocated a dedicated superviser from next year as the regulator - the Financial Conduct Authority (FCA) - looks to adopt a "proactive" rather than "reactive" approach.
Speaking at the Financial Services Authority's (FSA's) asset management conference, Clive Adamson, director of supervision at the regulator's conduct business unit, said the new regulator would "look and feel different" to the FSA. "[We need to] move away from a tick box, reactionary approach, [and] move towards a more forward-looking approach based on exercising judgement about what is truly important," he said, though he added this was "easier said than done'. "We will have to be better to make forward looking judgements...
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