Speaking to a 1,400-strong audience, Geneen particularly welcomed the FSA’s move to principles based regulation and away from detailed rules, lending his support for senior management to be held accountable for a business’ behaviour.
He cited the emphasis on greater self regulation in the form of ‘industry guidance’ as a further positive regulatory development. However he raised concern that two different regulatory bodies, the FSA and the OFT were ‘taking different approaches to what is essentially the same task i.e. the policing of industry guidance and codes’.
Geneen also welcomed Stephen Sklaroff, recently appointed as FLA’s next director general. He complimented Martin Hall, retiring in the summer after twelve years heading up the FLA.