...before you ask, it is the name of the Pub that I am writing this blog from in the City :o)
Back to the script.
1st December 2001 was an interesting day - the Birth of the Financial Services Authority (FSA) as we know it today. Will it make its 10th anniversary - I wonder?
Another shuffle of the deckchairs as NASDIM became FIMBRA, which merged with LAUTRO to form the PIA. Then all of the SRO's combined to form the FSA - a single unified Regulator with clear statutory objectives of :
Market confidence in the financial system;
Promoting public understanding of the financial system;
Investor / Consumer protections
Fighting financial crime.
In 2003 no one saw it coming - the FSA, with a detailed set of Rules shifted to "Principles based Regulation" - focusing on outputs rather than strict adherence to detailed rules. How is what you are doing supporting Treating Customers Fairly?
Simply having a happy customer didn't mean that you had treated them fairly and many accepted customs and practices had to be revisited and tweeked. Firms were given ample time to implement TCF within their businesses - and collect management information to be able to prove how Treating Customers Fairly was embedded within their business. Easy when you know how - ask me :o). And then the FSA Interviews started.
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