Retrospective application of regulatory rules: call for examples

Published: 21/08/2014     Last Modified: 21/08/2014

We are asking for examples on retrospective application of regulatory rules.

We recently published the outcomes of our work on the perceived ‘expectations gap’ between regulators and industry. This work considered how any differences in understanding between regulator and industry might affect the quality of products and services that consumers receive, or inhibit consumer-friendly innovation.

We asked the industry whether market development was being held back by uncertainty around rules, or concerns over retrospection.

So we have launched Project Innovate, and we are consulting on guidance on what is, and what is not, a personal recommendation.

We remain interested to hear from firms about times when they believe the FCA (or the FSA) applied its rules retrospectively. That is, applied a more demanding standard or interpretation of the rules after the event  with the benefit of hindsight.

What are the next steps?

To send us examples of retrospective regulation, please send us your comments by 10 October 2014 in writing or by using the online response form. Please be as specific as you can in order to help us analyse the evidence.

The examples you give us will be used to feed into our continuing work, and our approach to communicating with the industry.

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