Evidence of the serious intent of the FSA can be seen in its setting aside a budget of £50 million over the next three years to support the initiative on principles-based regulation, in particular by improving the effectiveness of its staff and its knowledge-management systems, says the report.
The idea is not for wholesale change, but that a “rebalancing” is needed. The current 194 words in the FSA’s Eleven Principles for Businesses do not cover all contingencies, the report finds.
It is often sa
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