In November 2006, the FSA published Discussion Paper 06/5: FSA confirmation of Industry Guidance (DP06/5). The FSA plans to facilitate greater use of industry guidance as it moves towards a more principles based approach to regulation. Its aim is to outline a framework for the industry to gain its recognition to the guidance it produces. The FSA has now reviewed the responses received and has published Policy Statement 07/16: FSA confirmation of Industry Guidance - Feedback on DP06/5 (PS07/16). In PS07/16 the FSA:

  • Defines industry guidance
  • Formalises how the FSA proposes to recognise industry guidance by way of giving ‘FSA confirmation’, including the use of standardised wording
  • Provides clarity concerning the legal status and implications of recognising industry guidance
  • Outlines the parameters that industry guidance should fall within, in order to gain recognition
  • Details the FSA’s clear, fair and transparent processes for dealing with requests for ‘FSA confirmation’
  • Provides case studies to illustrate the FSA’s proposals

View PS07/16:FSA confirmation of Industry Guidance - Feedback on DP06/5, 4 September 2007