Latest Practice Note Flags the Current State of Play on Key Features of the Transition to the PRA and FCA Ahead of April’s Legal Cutover
Experts from Wolters Kluwer Financial Services have answered the top questions that they anticipate will be asked in the lead up to the upcoming new UK financial services regulatory structure. The firm’s latest practice note ‘PRA and FCA: Your top 20 questions answered’ highlights the key areas of potential change for UK regulated financial services firms following the introduction of two new regulatory organizations: the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
Wolters Kluwer Financial Services’ regulatory analysis team has addressed, as at 31 January 2013, new and forthcoming legislation, closed and on-going legislative and regulatory consultations, and forthcoming handbook changes. The practice note answers key questions including:
- ‘Should we be concerned about the FPC and if so how?’
- ‘How will the new regulatory architecture affect fees? Will dual-regulated firms have to pay two sets of fees?’
- ‘What day-to-day changes will we need to deal with?’
- ‘How will this affect our existing and any new Approved Persons?’
- ‘What about consultations after cutover – can we expect more regulatory re-jigging?’
Further Wolters Kluwer Financial Services practice notes over the year will both drill down into and expand on this top 20 list and will provide in-depth analysis of key aspects of EU and UK initiatives impacting the banking, asset management, insurance and retail sectors.
“Navigation through the many items of comment and consultation surrounding the new twin peaks model can be extremely time consuming which is why we produced this guide for UK regulated financial services firms,” Sara Evans, Regulatory Editor, at Wolters Kluwer Financial Services, commented. “This practice note brings together the legislative and handbook changes of which they need to be aware and the very real changes they may need to make to culture and behavior. Further practice notes will include further exploration into approved persons, passporting, conduct risk and various other topics.”
Previous practice notes produced by the regulatory analysis team include: ‘The AIFMD: Getting ready for AIFM Authorization’, ‘Overview of Global and EU Initiatives affecting UK financial services 2013 and beyond’, ‘Money Laundering and Terrorist Finance – upcoming developments in 2013’. The practice note series is part of Wolters Kluwer Financial Services’ Compliance Resource Network comprehensive suite of subscription-based information solutions which keeps organizations up to date on how changes in regulations can affect the current policies and procedures that a financial institution has in place. This is provided via daily updates, clear dashboards, a library of regulations and expert commentary.