Principles matter, FSA says, but winning over hearts and minds may prove difficult


"In essence, it [principles-based regulation] is about regulating with the emphasis on principles and high-level rules, not prescription of processes; it relies on setting out the outcomes we want to see achieved in the financial services market and then directing our supervision to assessing how they are being achieved. This is a direction of travel, not a project to be implemented by a specific date… It's a strategic direction that we are convinced is necessary to deliver our statutory

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