Financial Services Bill

I have already explained why such a power is unnecessary. The FSA can provide the information already. I am also concerned that the proposals might give rise to a system of parallel regulators, which is highly undesirable. They could create confusion for firms regarding who is responsible for supervising them and lead to the duplication of burdens, because both authorities could go to the same firm for the same information at different times. There are some powerful arguments why new clause 12 would be unhelpful.