Thursday, 18 April 2013

UK: The duty to investigate and report on possible regulatory failure - FCA and PRA statements of policy published

Section 73 of the Financial Services Act 2012 imposes on the Financial Conduct Authority a duty to investigate and report on possible instances of regulatory failure. Section 74 imposes this duty on the Prudential Regulation Authority as well. Both regulators, under section 80, are required to publish a statement of policy in which they set out the matters they will take into account when determining whether the relevant conditions are met and how investigations will be carried out. Today the FCA and PRA published their statements of policy: see, respectively, here (pdf) and here (pdf).

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