FSA Consults on New Regime for Approved Persons

Further to the reforms of the UK financial services regulatory structure, the Financial Services Authority is seeking public comment on the authorization and regulation of financial services businesses by the new Prudential Regulation Authority (the #8220;PRA#8221;) and the Financial Conduct Authority (the #8220;FCA#8221;). In particular, the paper is seeking industry opinion on separating the current list of controlled functions for firms which will be regulated by both the PRA and FCA (in general, systemically-important firms).

Comments should be submitted by December 7, 2012.