The following article is scary reading http://www.moneymarketing.co.uk/regulation/accountability-fears-grow-on-fca-set-up/1047074.article Given the failures of the FSA I think the proposed legislation should include:rnrn1. A New Minister in the Treasury Department for the Financial Services Industry.rnrn2. A New Select Committee in Parliament to specifically hold the new regulators to account and scrutinise their performance.rnrn3. An independent body which is tasked with monitoring the performance of the new institutions with the power to highlight failures and under-performing people in the new regulatory framework which everyone can make a compliant of mal-administration or incompetence. This body has the power to complete a full investigation if it believes it is merited.rnrn4. Following the RDR’s aim of improving skills and the knowledge of the IFA industry, all employees at the new institutions should be educated the a Chartered Standard from Chartered Institutes so they have the knowledge to regulate more effectually and a professional code of conduct to follow.rn
