Following FSA’s review of DEPP and EG, it has made changes to the Handbook mainly in line with its original proposals. The changes:
- explain how FSA uses its enforcement powers otherwise than under FSMA;
- introduce a "leniency" factor for people involved in multi-party market misconduct issues who are helpful to FSA; and
- move enforcement powers relating to RCBs to the RCB sourcebook.
FSA had proposed also to remove the restriction it had placed on itself that meant it could not impose an own-initiative variation of permission (OIVoP) that did not fundamentally change a firm’s permission. FSA says it meant this to give it better use of nonfundamental OIVoPs. However, respondents objected on various grounds. FSA, though, has confirmed its plans subject to a few changes. Importantly, it expects to use its OIVoP powers more under the new rules.