FSA has produced draft guidance for regulated persons and the Financial Ombudsman Service (FOS) when referring matters to the future Financial Conduct Authority (FCA). Issues can be referred when redress would be likely to result from legal proceedings or the FOS. The guidance sets out the elements a good reference would cover and it also explains when a reference will be deemed frivolous, vexatious or made in bad faith, in which case the FCA may decline to respond to it. The response to a well-presented reference will be published within 90 days and can lead to enforcement, consumer redress or review of rules. (Source:Guidance on Making a Reference to FCA)