FSA principles approach under fire
LONDON – Continuing industry dissatisfaction at the FSA's principles-based approach to regulation and the recent announcement of harsher penalties against individuals was evident at the FSA Handbook high-level principles one-day conference in London in early February.
James Smith, a senior manager at Ernst & Young, said the FSA seemed to be targeting certain managers such as those in small firms for disciplinary action over misdemeanours rather than the staff actually involved in any wrongdoing.
In fact, he likened the move by the FSA to the 1756 Battle of Mallorca, paraphrasing Voltaire (and more recently Frank Bowman from the US University of Missouri-Columbia) that: "In this country, England, we find it pays shoot an admiral from time to time to encourage
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