BBA has published its response to FSA’s consultation on aspects of authorisation and supervision under the PRA and FCA regimes. BBA supports the regulatory efforts, but says the industry would benefit from:

  • a clearer articulation of regulatory priorities and a “guide path” so firms can better anticipate changes. It also asks for more transparency around costs of skilled persons; and
  • a 12-month transitional period for changing disclosure documents, rather than the six months proposed. It is also concerned that, for dual-authorised firms, the new disclosure will be long and potentially confusing to retail clients, who will not understand the difference between “authorised” and “regulated”. It also asks whether firms will have to change wordings again to reflect consumer credit licensing status.

(Source: BBA Response on Authorisation and Supervision Under the PRA and FCA Regimes)