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Today the FSA held a conference to launch debate on the development of the operating model of the new Financial Conduct Authority (FCA). The accompanying paper to the conference provides further detail on the proposed regulatory approach of the FCA and aims to stimulate discussion on the key issues. The deadline for responses was 1 September 2011.

This briefing summarises the key aspects of the paper and highlights some points of interest from the conference.

Click here for our briefing

Click here for our briefing on the Prudential Regulation Authority's approach to the supervision of banks and designated investment firms

Next steps  

Summer

  • Pre-legislative scrutiny to take place (commences this week until November 2011)
  • Consolidated version of amended Financial Services and Markets Act 2000 to be published (expected as soon as possible)
  • Paper detailing coordination of PRA and FCA to be published

September

  • Deadline to respond to FCA regulatory approach paper (1 September)
  • Deadline to respond to White Paper consultation questions (8 September)

Later in 2011

  • Bank of England and FSA document on operational coordination to be published
  • Government's response to consultation on transfer of responsibility for consumer credit regulation from OFT to FCA to be published

Before end 2011

  • Bill to be presented to Parliament

End Q1 2012

  • Bill committee stage

By end 2012

  • Bill to receive Royal assent

By early 2013

  • Full implementation of new regulatory architecture

Article tags

operating model regulatory reform

Related categories

UK

Disclaimer

The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.