The Financial Services Authority ("FSA") has published a speech presented by Clive Adamson (Director of Supervision, the FSA Conduct of Business Unit) at the Non-Executive Directors’ Conference on 6 December 2011. Mr Adamson discusses how the FSA is developing the supervisory approach or philosophy for the proposed Financial Conduct Authority ("FCA"), based on five key principles: (i) the FCA will be forward looking in making judgements about potential consumer detriment and will look at the underlying causes of potential detriment and not just the symptoms; (ii) the FCA will be bolder about making earlier interventions when it sees potential consumer detriment; (iii) the FCA will go beyond the traditional approach of ensuring transparency at point of sale to intervening by stopping products being sold that it judges cannot be sold safely; (iv) the FCA will seek appropriate redress when things go wrong; and (v) the FCA will continue with the approach of credible deterrence.