FSA is implementing the move towards the twin-peaks structure, where applications for authorisation will be assessed by FCA, PRA or both. The application submission process will not change but, in the case of firms that would be dual-regulated under the incoming regime, their application will be assessed by both FSA’s Prudential Business Unit (PBU) and Conduct Business Unit (CBU), which will need to agree a decision on it. (Source: Changes to Authorisations)