FSA welcomes the Sandler Report

"We are happy with the general direction of the report's recommendations on products, regulation and consumer education."

"The suggestion of a simplified regulatory regime to cover the sale of stakeholder products is in line with the ideas put forward in the FSAs recent Consultation Paper on depolarisation. Regulation of the sales process to protect consumers must not become so stringent that it deters potential savers, and we look forward to supporting government work on the design of products in a stakeholder range."

"In early September, jointly with the Treasury, we will consider how best to take forward the Sandler recommendations. This will take account of other government reviews and the FSA's work on depolarisation and with-profits products. We plan to publish an outline programme during September and to bring forward firm proposals for consultation on a simplified sales regime during 2003."

"We welcome Ron Sandler's support for our work on consumer education, which aims to encourage effective effort on a major scale by a wide range of partners in the education and voluntary sectors. We shall consult on our planned spend for 2003/04 as part of our normal planning round. For the longer term, we shall be talking to our partners and the industry with the aim of presenting a Consultation Paper in Spring 2003 on the possibilities for a change of gear."

Notes for editors

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000; maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.

2. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.