As previously reported in this Newsletter, the FSA published its Discussion Paper on Transparency on 4 March 2013 which sought views on various proposals concerning how the FCA and the financial services industry can be more transparent, including the publication by the FCA of Warning Notices. On 3 May 2013, the FCA published the non-confidential responses to the Discussion Paper having received 52 responses overall. The responses, as may be expected, present a variety of approaches considering the costs and benefits of transparency. The FCA expects to publish in June 2013 (i) a Feedback Statement which will summarise key messages from the responses and (ii) the FCA Transparency Framework which will outline how the regulator intends to appraise and evaluate its transparency initiatives.