On July 31, the FSA published a set of questions and answers on the transition to the new Financial Conduct Authority (“FCA”). Q&As.
The Q&As confirmed that:
- Firms will not need to reapply for authorisation under the new regime.
- There were be a six month transition period following confirmation of the new disclosure wording concerning firms' regulatory status.
- There will be little change to existing financial crime oversight and the approach to allocating fees.
- The FCA will retain the FSA's online notifications and applications and online regulatory reporting systems.
The FSA plans to publish an FCA approach document in October.