The FSA has published a one-minute guide outlining its plans for dividing the FSA Handbook into two separate Handbooks; one for the Financial Conduct Authority (FCA) and one for the Prudential Regulation Authority (PRA). Firms that will be dual-regulated by both the FCA and the PRA will need to refer to both Handbooks. Firms regulated by just the FCA will need to refer to the FCA Handbook only.
Before the FSA passes its reins to the new regulatory bodies, it intends to consult on those parts of the current FSA Handbook where the more substantive changes are necessary to reflect the roles and powers of the new regulators. These include passporting, controlled functions, enforcement powers and the process for obtaining permissions.
Draft texts of each of the new handbooks are expected to be published in early 2013, along with guidance material on how the new handbooks should be interpreted.
