Here (dated “Spring 2013″).
The Financial Services Authority published on 18 March 2013 a consultation paper (CP 13/8) on the Financial Conduct Authority’s approach to the issue of warning notices. Press release here and consultation paper here.
“The main point of our proposals is to be transparent about our enforcement action early on. The financial services industry and consumers will be able to understand the types of behaviour that we consider unacceptable at an earlier stage, which will help promote credible deterrence.”
The consultation closes on 18 June 2013.
A good overview from Gibson Dunn on the Financial Services Act 2012 and how it changes the UK financial services regulatory regime.
Consumer credit: Government confirms regulation will move from OFT to FCA in April 2014, Treasury and FSA issue consultation papers
The Government today confirmed that the regulation of consumer credit will move from the Office of Fair Trading to the new Financial Conduct Authority in April 2014.
HM Treasury / BIS announcement here.
The Financial Services Authority yesterday published its Internal Audit Report on LIBOR. In short, the FSA was aware of some evidence of low-balling in the 2007 to 2009 period, but not of manipulation for profit (query whether the distinction can be that exact).
From the press release:
116 pages here.
The Bill received Royal Assent on 19 December 2012, becoming the Financial Services Act 2012.
HM Treasury confirmed on the same day that the Prudential Regulation Authority and the Financial Conduct Authority will start work on 1 April 2013: i.e. that is the legal cutover day to the new regulators.
The Treasury also confirmed that the FCA will take on responsibility for consumer credit regulation from 1 April 2014.
4 December 2012 speech by Jamie Symington, Head of Wholesale Enforcement at the Financial Services Authority; covers:
- The FSA’s policy of “credible deterrence:
- Rising number of STRs;
- SMARTS software to improve surveillance and detection of market abuse;
- Build-out of enforcement capability;
- Decline in suspicious activity pre-announcement of takeovers, to 20% in 2011;
- Market abuse successes;
- An overview of the Einhorn / Greenlight Capital case;
- Thematic and educational work; and
- The future approach of the FCA.
See also: Einhorn / Greenlight Capital posts.
The FSA has today published a document, “Journey to the Financial Conduct Authority“, setting out how the UK’s new financial services conduct and markets regulator will operate when it comes in being in 2013. An accompanying speech from Martin Wheatley, CEO-designate of the FCA, is here. Excerpts from the speech:
Tracey McDermott speech of 26 September 2012 here.
The Financial Services Authority yesterday published a consultation paper (CP12/26) on some proposed changes to the existing regulatory rules and guidance relating to approved persons. These changes are part of the creation of the new regulatory framework for financial services in the UK, to be effected by the Financial Services Bill and which will see the Prudential Regulation Authority and the Financial Conduct Authority take over the responsibilities of the FSA.
The consultation paper sets out proposed changes to the approved persons regime, to:
A well-designed graphic of the financial services regulatory landscape from the International Regulatory Strategy Group.
In a speech on 21 September 2012 Clive Gordon, Head of Conduct Risk at the Financial Services Authority, gave some guidance on the regulator’s approach to using digital media for making financial promotions. Mr Gordon specifically discussed Facebook, risk warnings (particularly “roll-over” risk warning), image advertising, the absence of a “one-click rule” and the unsuitability of Twitter for many financial promotions. Excerpt (our emphasis added):
The new Prudential Regulation Authority and Financial Conduct Authority authorisation and supervision regimes: consultation paper 12/24
The Financial Services Authority issued a consultation paper (CP12/24) on 12 September 2012 on changes to the FSA Handbook that will will result from the ongoing reform of the UK’s financial services regulatory regime, and specifically the creation of the new Prudential Regulation Authority and Financial Conduct Authority.
The FSA’s press release is here, more background on the consultation paper is here and the consultation paper itself is here. The most interesting part of the CP is the proposed changes to the skilled persons report regime.
From the FSA’s background release: