Since September 2012, the FSA has consulted on changes to existing regulatory rules and guidance on behalf of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These changes were driven by the Financial Services Act 2012 and the creation of the new UK regulatory regime. Together with changes to the regulators’ requirements we have already published, these changes help deliver the new FCA and PRA Handbooks.
Why are we issuing this PS?
The rules and guidance set out in this Policy Statement (PS) will come into effect at legal cutover (LCO), when the PRA and the FCA formally come into existence. With the exception of our statement of approach on qualifying parent undertakings, all other rules and guidance published with this PS will form part of the FCA Handbook, except for the provisions in the instruments that have only been made by the PRA Board (and are designated as ‘PRA’ only). The PS also provides feedback on the consultations it covers. A separate PS is being published to provide feedback from a PRA perspective on the same relevant instruments.
Who is this PS aimed at?
This Policy Statement will interest all firms.
What are the next steps?
After LCO, the FCA (and PRA) will be free to review and amend its Handbook as it sees fit, in line with its objectives and functions, and in compliance with the consultation, cooperation and coordination mechanisms outlined in the amended Financial Services and Markets Act 2000 (FSMA) and other legal and EU obligations.
Want to find out more?
For more information:
- look at the FCA Handbook.