FSA has published a letter to firms telling them what publications will help them understand the transition to the Prudential Regulation Authority (PRA). It plans to publish two documents building on the original "launch" documents for banks and investment firms, and for insurers, that will set out:
- PRA's interpretation of its statutory objectives;
- how PRA expects firms to comply with the threshold conditions and help it meet its objectives; and
- what firms can expect from PRA in the course of supervision.
It also notes that FSA will be consulting on how PRA and FCA plan to split the approved persons regime. The accompanying documents indicate the Financial Services Bill should receive Royal Assent by the end of 2012 and that existing permissions will be grandfathered over to the new regime, which will maintain one register of authorised persons. (Source: FSA Publishes PRA Transition Guide)