Journey to the UK Financial Conduct Authority — what should we expect?
On 15 October 2012 the Financial Services Authority (FSA) published a document entitled ‘Journey to the FCA’. In the foreword to the document John Griffith-Jones, FCA Chairman-Designate, comments that it sets out how the Financial Conduct Authority (FCA) will approach its regulatory objectives and how it intends to ’ensure firms put consumers at the heart of their business’. The document forms a consultation and comments are invited until 14 December 2012. The document produced is interactive so comments can be made directly online. Feedback will be summarised and communicated back in early 2013. Although this document provides clarity on the current plans for the FCA, other more detailed consultative documents are also being produced and must be considered to fully understand the future proposed role of the FCA. Currently CP12/24 on Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision and CP12/26 on Regulatory Reform: the PRA and FCA regimes for approved persons are live and open for comment.
The document gives detail on new FCA powers; the ‘clear and straightforward’ authorisation process; the plan for structured supervision work; the agenda of credible deterrence within the enforcement approach; focus on the new Policy, Risk and Research Division; maintaining effective relationships with stakeholders such as the PRA and Bank of England; and the structure for accountability and measuring success…
If you are registered and logged in to the site, click on the link below to read the rest of the Addleshaw Goddard briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
The Court of Appeal in Versloot Dredging BV v HDI Gerling Industrie Versicherang AG has made it clear that where an insured uses a ‘fraudulent device’, it will forfeit the entire claim.
Up to Date: shared parental leave — our detailed guide to the new system; making sense of holiday pay; and more
Addleshaw Goddard has released the November 2014 edition of its Up-to-Date publication on employment law and developments.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?