September 2012 Global Corporate Insurance & Regulatory Bulletin

UK – Update on the transition to the new regulatory regime

FSA Handbook changes

On 12 September 2012, the FSA published a consultation paper on its proposed changes to the FSA Handbook in light of the planned transition from the FSA to the “twin peaks” system of the Prudential Regulatory Authority (“PRA”) and Financial Conduct Authority (“FCA”). This consultation paper includes consideration of the following topics:

• changes to regulatory disclosure and use of regulators’ logos;
• changes to the skilled persons’ powers;
• changes to the way in which a firm will apply to vary or cancel authorisations, permissions and requirements imposed by the regulators;