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Picture of Hugh Laird FSA Chief brings light touch regulation to an end

Published by Hugh Laird on Wednesday, March 24th, 2010 at 13:15 pm

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The Financial Services Authority (FSA) is dropping its “light touch” regulation approach in a shake up of how it regulates. They are adopting a more 'outcomes' based focus to stem criticism over their handling of the financial crisis. An outcome focus is what the TSA are pledging to as well, but in an interesting twist, there is a fear that their resourcing is going to mean a 'light touch' for organisations that are not perceived to be struggling. This makes the role of Co-regulation much more important. Providers work best when there is a 'keen interest' rather than a 'light touch' shown on them and this is where Boards and Tenants work in partnership to co 'regulate' the provider, through an effective Resident Scrutiny process. The issue for Co-regulation  is how will the board work with tenants to facilitate effective outcomes or tenants? An interesting away-day exercise would be for a Board together with its Resident Scrutiny Panel, to develop its regulation approach but also how it is going to work together. Synergy is going to count!

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