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Consultation on the PRA and FCA regimes for Approved Persons

The Financial Services Authority yesterday published a consultation paper (CP12/26) on some proposed changes to the existing regulatory rules and guidance relating to approved persons. These changes are part of the creation of the new regulatory framework for financial services in the UK, to be effected by the Financial Services Bill and which will see the Prudential Regulation Authority and the Financial Conduct Authority take over the responsibilities of the FSA.

The consultation paper sets out proposed changes to the approved persons regime, to: