On September 12, the FSA published a consultation paper entitled ‘Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision’ (CP12/24). CP12/24 relates to the creation of the PRA and the FCA that will, along with the FPC, replace the FSA. The PRA and FCA will each adopt provisions from the FSA Handbook to create two new rulebooks that will come into effect when the new regulators acquire their legal powers; these new rulebooks will replace the current FSA Handbook.
In CP12/24 the FSA is consulting on substantive changes to the FSA Handbook that it proposes to make in order to ensure that sections adopted by the PRA and FCA are in line with their future objectives and functions.
The FSA’s consultation is fairly wide-ranging, but it suggests that firms may wish to focus their comments on the following proposals:
- the updated wording of prescribed status disclosures under GEN 4;
- the use of the regulators’ logos under GEN 5;
- the use of Skilled Persons (SUP 5);
- the channel for submitting waiver applications (SUP 8);
- certain updates to the guidance on transfers of insurance business to reflect other recent changes to legislation and current practices (SUP 18); and
- the chapter on other amendments.
The FSA is inviting firms to comment by December 12.