FSA review calls for improvements
UK regulator the Financial Services Authority (FSA) has been told to lift its game. A performance review by the National Audit Office says the FSA needs to do more to streamline its structure.
Last year the UK Government asked its auditors to review the economy, efficiency and effectiveness with which the FSA has used its resources in five areas of operation.
The review concludes the FSA has “done well” in managing the merger from 11 regulatory bodies, but says it needs to streamline its structure, monitor costs and communicate more with stakeholders about its work in Europe.
“It must do more to demonstrate its impact, to get a clearer understanding of how much its different activities cost, and, crucially, to streamline its processes and advice to benefit industry and consumers.”
The review also wants the FSA to use the growing co-operation among the regulators of the world’s leading financial centres to supervise multinational financial institutions.
Last year the UK Government asked its auditors to review the economy, efficiency and effectiveness with which the FSA has used its resources in five areas of operation.
The review concludes the FSA has “done well” in managing the merger from 11 regulatory bodies, but says it needs to streamline its structure, monitor costs and communicate more with stakeholders about its work in Europe.
“It must do more to demonstrate its impact, to get a clearer understanding of how much its different activities cost, and, crucially, to streamline its processes and advice to benefit industry and consumers.”
The review also wants the FSA to use the growing co-operation among the regulators of the world’s leading financial centres to supervise multinational financial institutions.