- We are very pleased - but not surprised - by the main conclusion of this inspection. Acta has dedicated a great deal of resourses to implement all the new requirements following the new situation for advisory services within the financial sector in Europe, says CEO Simen Mørdre in Acta.

 

Even if some participants in the industry have claimed that the regulatory conditions have not changed significantly, or that they have already implemented the necessary changes, the fact is that the industry has had to implement fundamental changes in the course of the last year. The strain of implementing these changes in a very turbulent market has been far greater that it would have been under normal circumstances.

 

- Unfortunately the FSA was exposed to a large and unreasonable political pressure as they were conducting the inspection of Acta. For a period of time we were worried that this pressure could weaken the legal competence of the FSA. This did not materialize due to the FSA's professionalism and focus on facts. Those working in the Norwegian financial industry should be content with this, says Mørdre.

 

- In terms of the critique and possible instructions we will receive from the FSA, we will of course implement these. We now look forward to focus on the customers and the normal operations and to implement any changes the FSA will ask us to implement. The current market situation provides financial advisors with several challenges, but also great opportunities, says Mørdre.