Complaints Handling The FCA has published final rules on complaints handling. In summary the changes are: An extension of the ‘next business day rule’, where firms can handle complaints less formally without sending a final response letter, to the close of three business days A requirement to report all complaints [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Clive Adamson, Director of Supervision, Conduct of Business, gave a speech at the annual FSA Asset Management Conference on the supervisory approach that will be adopted by the FCA. Although aimed at the asset management sector, elements of the speech will be of relevance to all firms. The audience was [...]
As will be known, the FSA is scheduled to disappear at the end of next year as the UK moves to a new model of regulation (for a reminder of the changes please see Regulatory Roundup 27). The vast majority of firms (the paper quotes 24,500: page 11 provides an [...]
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 [...]
It has been announced that Martin Wheatley is to be the CEO of the Consumer Protection and Markets Authority (CPMA). Mr Wheatley, who was previously the CEO of the Hong Kong Securities and Futures Commission, has also been appointed, effective from 1 September, as the new MD of the FSA’s [...]
The Treasury Select Committee, which is looking at the reform of financial regulation, has published, in three volumes, a report which contains some interesting comments questioning the achievability (or wisdom) of meeting the 2012 deadline for the new regulatory system, and the impact of the reform costs on the consumer. [...]
Putting the possibility of any delays to one side, the FSA is sending out a ‘Dear CEO’ letter from Hector Sants providing a progress update on the transition to the new regulatory structure. The communication includes a link to the new FSA management structure, which will take effect on 4 [...]
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 [...]
Whilst we are on things European, a reminder that the European Commission has adopted legislation that will implement a new supervisory framework for the EU, which will include the disappearance of CESR. As might be imagined, this will also introduce a host of new acronyms. A European Systemic Risk Board [...]
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 [...]
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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