The Financial Services Practitioner Panel (the Panel) has today published its Annual Report for the period 2006/7.

Roy Leighton, Chairman of the Panel said:

"The financial services industry and the FSA are experiencing a period of accelerated change. Together, we all therefore need to be ready and willing to respond promptly to the challenges that lay ahead. In that respect, 2007/8 will be something of a watershed year for regulated firms, their views of the regulator's performance and the UK's position internationally.

The Panel is supportive of the FSA’s move towards a more principles-based regime, which it believes is the appropriate approach towards a modern, proportionate and effective risk-based regulatory framework in the UK. In order to deliver this agenda the FSA is investing heavily in its operational infastructure and, moreover, in ensuring that its people - in particular, supervisory and Firm Contact Centre staff - are suitably skilled with a commercial understanding, and properly supported in making the sound and pragmatic judgements that will be necessary.

We very much welcome the FSA's commitment to making those worthy aspirations a reality – and the industry has a mutual interest and responsibility to help achieve this goal.

But, on a more cautionary note, the Panel has urged the FSA to carefully consider the impact on retail firms of its numerous reviews, projects and thematic initiatives, especially when firms are getting to grips with principles-based regulation and the implementation of some major pieces of EU legislation."

The Annual Report summarises the Panel's work over the preceding 12 months and sets out its priorities for the year ahead. As well as containing further information on those issues mentioned above, it includes commentary on the FSA's Retail Distribution and Quality of Advice reviews, its Financial Capability strategy, and the Financial Services Compensation Scheme (FSCS) funding review.

Notes for editors

  1. The Annual Report 2006/7 is avilable on the Panel's Website www.fs-pp.org.uk.
  2. The Financial Services Practitioner Panel was established under the Financial Services and Markets Act 2000 to represent the interests of practitioners and is independent of the FSA. Members are drawn from regulated institutions and market users at a senior level. Membership rotates to ensure a balance between consistency and new input. The Panel was set up on a non-statutory basis in November 1998 (as the Practitioner Forum) and became a statutory body in June 2001.
  3. The current members of the Panel are: Roy Leighton, Chairman, Nymex Europe Limited (Chairman); Nick Prettejohn, Chief Executive, UK Insurance, Prudential (Deputy Chairman); Russell Collins, Head of Financial Services Practice, Deloitte UK; Iain Cornish, Chief Executive, Yorkshire Building Society; Clara Furse, Chief Executive, London Stock Exchange; Douglas Gardner, Former Chief Executive, AWD; Mark Rothery, Chief Executive, Ancient Order of Foresters Friendly Society; (Chairman of the Smaller Businesses Practitioner Panel); Roger Liddell, Group Chief Executive, LCH Clearnet; Colin Keogh, Group Chief Executive, Close Brothers Group; Helena Morrissey, Chief Executive, Newton Investment Management; Gordon Pell, Executive Chairman, Retail Markets, Royal Bank of Scotland Group; Patrick Snowball, Group Executive Director, Aviva UK; Andrew Ross, Chief Executive, Cazenove Fund Management; Alan Yarrow, Vice Chairman, Dresdner Kleinwort Wasserstein.
  4. Further information on the role and work of the Panel are available on its website: www.fs-pp.org.uk
  5. The FSA's website address is: www.fsa.gov.uk.