In the past few days the Financial Services Authority, in conjunction with the Bank of England, has published documents setting out the approach to be taken by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) under the new financial regulatory framework being introduced next year (and in relation to which legislation is currently before Parliament).In the first document, available here (pdf) and titled Journey to the FCA, information is provided about how the FCA will use its new powers and how its approach will differ from that of the FSA. The launch of this document was accompanied by a speech by the chief executive designate of the FCA, Martin Wheatley, at an event organised by Thomson Reuters. Speeches were also delivered by the chairman designate of the FCA, John Griffith-Jones, and the Financial Secretary to the Treasury, the Rt Hon Greg Clark MP. A video recording of the event, at which Martin Wheatley and John Griffith-Jones were questioned, is available here.
With regard to the PRA, two documents have been published setting out the approach to be taken by the PRA with regard to the supervision of banks (see here, pdf) and the supervision of insurers (see here, pdf).
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