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FCA Supervision

FCA Supervision. Based on a speech by Clive Adamson Director of Supervision Conduct Business Unit London 25/01/2012. FSA Model. Primarily Reactive Focuses at form level (SYSC) Relies primarily on transparency at the point of sale

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FCA Supervision

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  1. FCA Supervision Based on a speech by Clive Adamson Director of Supervision Conduct Business Unit London 25/01/2012

  2. FSA Model • Primarily Reactive • Focuses at form level (SYSC) • Relies primarily on transparency at the point of sale • Makes use of ARROW for large firms and RASFS for small firms

  3. FCA Model • Pre-emptive • Focus on what the consumers experience from firms • More intensive • More intrusive • Harsher enforcement penalties?

  4. FCA Approach • More forward looking • Intervene earlier • Attack underlying causes • Secure redress for consumers • Meaningful action to deter

  5. FCA Supervision Model • Replace ARROW but keep a firm based assessment framework • Fewer firms will have a fixed team to face off against • Approach will be easier to communicate to senior executive, align good business and regulatory practices. • Intensity depends on FCA categorisation of firm • Overall assessment – which h will still be a letter to the board, will be based on all work that has happened with the firm

  6. Supervision Model - Intensive • Examine the firms business model & strategy • Product Design • Delve into sales • After sales • Effectiveness of governance arrangements

  7. In addition to framework • Greater use of cross form issues and product reviews • More thematic work • FCA will set out conclusions and expectations for firms as clearly as possible

  8. Transition to FCA • Final approval expected early 2013. PRA and FCA will start separate lives • FSA already started to divide firms between single and dual regulation

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