UK: some last pieces for legal cutover on 1 April 2013

In the last flurry of activity prior to legal cutover on 1 April 2013, a couple of developments of note.

Members of the FCA Board confirmed

The Board will consist of:

• Four executive members:
  • Martin Wheatley, chief executive of the FCA
  • Tracey McDermott, FCA director of enforcement and financial crime
  • Clive Adamson, FCA director of supervision; and
  • Lesley Titcomb, FCA chief operating officer.
• Eight non-executive members - click here for biographies:
  • John Griffith-Jones (Chairman of the FCA Board)
  • Andrew Bailey, chief executive of the PRA
  • Former members of the FSA Board who will join the FCA Board as non-executive directors:
    • Mick McAteer
    • Amanda Davidson
    • Sir Brian Pomeroy
  • Three new appointments:
    • Jane Platt
    • David Harker CBE
    • Amelia Fletcher.

New BoE rules for recognised clearing houses and uncertificated securities

The Bank of England (BoE) has published two instruments which will update the BoE's rulebook on 1 April 2013, enabling it to regulate recognised clearing houses and uncertificated securities:

• The Recognised Clearing House Rules Instrument 2013 (Bank FMI 2013/1) covering:
  • Appointment and resignation of key individuals
  • Extent of duty and notice requirements for proposal to make regulatory provisions
  • Fees in respect of expert reports
• The Uncertificated Securities Rules Instrument 2013 (Bank FMI 2013/2) covering:
  • Extent of duty and notice requirements for proposal to make regulatory provisions
  • Fees in respect of expert reports

Complaints against the regulators

This Policy Statement sets out the scheme for complaints against the Bank of England, the FCA and the PRA, and essentially proceeds along the lines envisaged in the consultation.  The assurance that the regulators are in the process of agreeing appropriate service level arrangements to ensure an efficient and cooperative approach is welcome.  Although the fast track process does not exist in the new Scheme by name, there is an option to deal with complaints at a local level, with complaints being investigated by a person who is not the subject of the complaint and is suitably senior.  The arrangements for investigations, along with the management of the overall complaints process, will be subject to independent review by the Complaints Commissioner.