FSA Authorizations to Adopt Twin Peaks Structure

Further to the upcoming division of the Financial Services Authority into the Financial Conduct Authority and the Prudential Regulation Authority, the FSA has announced that assessments with regards to FSA authorizations for firms that will be regulated by both authorities will be handled by both the Prudential Business Unit and the Conduct Business Unit. The final decision on authorization will be agreed to by both units, and they will be expected to coordinate in order to avoid duplication.

The process for submitting applications will not change, and the FSA will endeavor to continue meeting its statutory deadlines for responding to applications.

View statement in full here (links externally to FSA website).