Principles-based rules to stay, says UK regulator

Hector Sants, the chief executive of the Financial Services Authority (FSA), said that the regulator remained committed to its principles-based approach.

Speaking on Wednesday, Sants said that the FSA planned to introduce more principles-based regulation in spite of criticism this would make the financial system less stable.

"I am aware that a number of commentators have asked whether now is an appropriate time to drive forward a regime of fewer and less prescriptive rules," Sants said. "Well