Thursday, March 23, 2006

FSA, OFT to Cooperate on Regulation of Payment Protection Policies

"These improvements, and others like them that will be included in the Action Plan, will help reduce the administrative burdens on firms and assist in the delivery of risk-based regulation, the key objectives of the Hampton Report," said the announcement. "As such, and following consultation with stakeholders, the Government has concluded that a significant better regulatory outcome is achievable without changing regulatory responsibility for consumer credit."

FSA Chief Executive John Tiner commented: "The FSA and OFT have a common interest in delivering better regulation benefits. Building on our existing liaison arrangements we have identified improvements to our processes and practices that will benefit consumers, firms and our organizations."

John Fingleton, OFT Chief Executive, indicated: "OFT and FSA interests coincide in a wide range of areas, from ensuring that markets work well, to informing empowering and protecting consumers. We believe that we can and should work more effectively together to the benefit of all our stakeholders, to deliver greater benefits for consumers and the UK economy alike."

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