Out With The Old…

A reminder that the FSA disappears on 1 April to be replaced by the Financial Conduct Authority (FCA) and, for relevant firms, the Prudential Regulation Authority (PRA). The FSA made a commitment that it would contact all regulated firms before the end of Q1 2013 on the FCA’s approach to [...]

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Status Disclosure

On the matter of ‘status disclosure’ and the cut-over to the FCA (see article ‘Out With The Old…’) firms should not overlook the need to update their stationery when necessary to reflect that they will now be authorised and regulated by the Financial Conduct Authority . GEN 4 Annex 1 [...]

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FCA Business Plan

The FCA’s very first Business Plan has been published. As has previously been announced, the FCA will be much more proactive , “acting earlier and more decisively than the FSA”. Asset managers should note from page 18 that in recognition of the seriousness of issues identified in respect of conflicts [...]

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FCA Risk Outlook

The publication of the FCA’s Business Plan – see separate article – was accompanied by the FCA Risk Outlook 2013. The FCA Risk Outlook identifies potential risks, some of which may take years to resolve. On the other hand the Business Plan will include details of work planned for 2013/14 [...]

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Regulatory Reform

A consultation paper on regulatory reform – CP12/24 “Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision” was released on 12 September. As will be known, the FSA moved to a ‘twin peaks’ operating model in April in the run up to cutover – no firm [...]

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More on FSA Reform

The last Regulatory Roundup (Issue 26) contained articles covering the proposed revision of the regulatory system which would see the end of the FSA and the birth of the Consumer Protection and Markets Authority (CPMA) and the Prudential Regulatory Authority (PRA) – with the Financial Policy Committee (FPC) having responsibility [...]

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UK regulatory reform

The FSA is being broken up into the Prudential Regulation Authority (‘PRA’), as a subsidiary of the Bank of England, and a new Consumer Protection and Markets Authority (‘CPMA’). A two year transition process is underway with Hector Sants to become the head of the PRA. Hector Sants mentioned in [...]

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Financial Services Regulation Bill

The Queen’s Speech gave confirmation of an overhaul of the regulation of financial services “Legislation will reform financial services regulation to learn from the financial crisis …” which is supplemented by a release on the official site of the Prime Minister’s Office. The latter advises that the Financial Services Regulation [...]

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Turner Review

Back in March the FSA published The Turner Review and ‘A regulatory response to the global banking crisis’ (DP09/2). They arose from a request from the Chancellor of the Exchequer made in October 2008 to review the causes of the then current financial crisis. Both documents, totalling 340+ pages between [...]

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