The technical CP on strengthening accountability in banking forms, consequential and transitional aspects were delivered in December. It states it shouldn’t be read as a response to the July CP, or as indicating a particular direction of travel as the proposals may be subject to change. However, it sets out proposals for the changes to the wider Handbook and Rulebook as a result of the proposals in the July CP and gives transitional arrangements for relevant firms and affected individuals, plus the necessary forms for the implementation of the regime.
History tells us that this is pretty much set in stone. The implementation date is not given but the term ‘shortly’ is used to describe when the Treasury will make the announcement.
The CP is 332 pages long and the majority of it is taken up by Annexes and Appendices, but don’t let this fool you as it clearly states it should be read in conjunction with the July 2014 paper ‘The implications of FCA CP14/13/PRA CP14/14 – Strengthening accountability in banking: a new regulatory framework for individuals’. Our condensed version of this CP can be accessed by clicking the link at the bottom of the blog.
In the next couple of weeks, I’ll be updating this condensed version with the key elements from the technical paper. Those of you on our email database will get this. If you’re not, you can either wait until it appears as a download from the website, or send me your email address and we’ll send you a copy. If you know or think you might be involved in the implementation of these major changes and you haven’t started to prepare yet, don’t wait for the implementation date to be announced as history tells us you may have very little time to act.
The implications of FCA CP14/13/PRA CP14/14 – Strengthening accountability in banking: a new regulatory framework for individuals.
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