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…
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