UK regulator revamps enforcement division

The Financial Services Authority (FSA), the UK industry regulator, will offload a third of staff from its enforcement division as part of its shift from a rules to a principles-based regulatory framework.

The FSA plans to reduce the size of the enforcement division by 20%, but will increase salaries in order to attract talent from the leading law and accountancy firms.

In an interview with the Financial Times newspaper Thursday, Margaret Cole, who heads the enforcement division, said the

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