July 2012 Update
The FCA briefing session – A quick update
- In October 2012, the FSA will be releasing the second FCA Approach document with clear rules for ‘day 1’ for the FCA which is anticipated to be on either the 1st March 2013 or the 1st April 2013. This will include indications of future rules and a timetable for changes to come.
- The FCA and PRA will have separate handbooks and the new handbooks will be published in draft form in early 2013
- The FCA’s stated aim is to be more efficient rather than increasing costs. The burden may shift to the more high-risk sectors. For smaller firms the regulator will aim to keep FCA costs as low as possible.