The FSA rules may prefigure a world where large pools of liquidity and capital remain trapped within borders as insurance against the worst.
The FSA rules take effect mid November and other regulators will probably The SEC does not now require that business mobile calls be recorded, although Charvet expects similar regulation to be introduced in the States because mobile phones are so widely used in financial services.
They say that if there was a breach of the FSA's rules, it was an oversight.
The devil will of course be in the detail, and one outstanding question is how ruthless the banks will be in restricting redress to those small businesses that are so small that they are the equivalent of retail customers in the FSA's rules.
It all came to a head in 2010, when the FSA announced new rules on future PPI sales and demanded that lenders go back through old rejected complaints, and also old sales where there had been no complaint at all, to see if past sales met new standards.
Today, the Financial Services Agency, commonly called the FSA, sets the rules.
The bank put 1, 629 complaints on hold in the first half of 2011, while the banking industry was in the High Court challenging the FSA's new PPI rules.
The FSA says it may grant waivers to these rules, but only if a bank's main supervisor takes an equally firm approach.
FSA's boss, hinted that new regulatory rules on with-profits distributions would make it impossible to repeat the Axa carve-up.
But at the same time the banking industry was in the High Court, contesting new rules from the Financial Services Authority (FSA) which said that all past PPI sales should be reviewed to uncover cases of mis-selling.
The FSA had investigated the company's compliance with transparency rules, before they posted big losses in 2008.
The new rules were announced earlier by the Financial Services Authority (FSA).
That open flouting of the rules raises the embarrassing question for regulatory bodies, including the FSA, of why the wrongdoing wasn't detected much earlier.
The EU agreed at a summit in June to create regulators that would be able to impose binding rules on national authorities such as the UK's Financial Services Authority (FSA).
The previous rules often resulted in capital requirements for startups being higher than for existing banks, the FSA said.
The rules for capital adequacy were set at global, European Union and United Kingdom level, and the FSA was required to work within them.
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