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Principles Based Regulation in Practice
- Demonstrate an understanding of the difference between adherence to broad principles, as opposed to mere adherence to rules
- Ensure that their firm complies with the spirit of principles based regulation, in relation to their behaviour towards their clients
- Use principles based regulation to allow more internal flexibility as to how particular areas of work are conducted, e.g. in communicating with clients, financial promotions, training and competence, and in complying with the client’s best interests rule
- Benchmark their record keeping systems with what the FSA may expect to see in the light of principles based decisions being taken
