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.