UK Regulatory Update — Issue 8: what to expect from PRA supervision
In the final issue of its UK Regulatory Update, Taylor Wessing considers how firms will be supervised by the Financial Conduct Authority (FCA). The company has already looked at some of the FCA’s new powers, objectives and approaches to enforcement, but this issue focuses on the normal course of business supervision. In this regard, firms can expect a significant change. The FCA will not be a continuation of the Financial Services Authority (FSA) under new branding; it is a new regulator keen to establish its own identity and it will use a different supervisory methodology.
The FCA has a single strategic objective of protecting and enhancing confidence in the UK financial system. This strategic objective is supported by three operational objectives:
- to secure an appropriate degree of protection for consumers;
- to protect and enhance the integrity of markets; and
- to promote effective competition in the interests of consumers.
These go to the heart of how the FCA will exercise its supervisory powers, in that the FCA will prioritise its supervisory activities based on the risk of it failing to meet these objectives…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
This is only the second time that the Data Protection Index has featured in Global Intellectual Property Index, yet a number of trends are already apparent from the results.
Taylor Wessing looks at the latest news and updates in the data protection and information technology sectors.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town