FSA to consult on ending audit requirements for small firms

The FSA cites this as a further move in its ongoing commitment to challenge regulations where the costs outweigh the benefits.

The FSA estimates that this could save small firms and ARs £12.9m each year. Most of the firms that benefit are likely to be financial advisers.

The proposal is backed by the Department of Trade and Industry (DTI). If the consultation meets with support, the FSA and DTI will take the necessary steps to implement the changes in companies' legislation and the FSA Handbook

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