Last month the FCA published their quarterly consultation no 22, CP18/24.
Within this consultation paper the FCA proposes making changes to SUP 16, to update the Gabriel validation rule and FCA guidance on Form FSA056 (capital adequacy for Authorised Payment Institutions) for own funds requirements (element 32B).
In addition, the FCA proposes that their existing supervisory principles in SUP1A.3.2G, be replaced with those principles detailed within Chapter 2 of their Approach to Supervision.
As a reminder, those wishing to make comments on these proposals have until the 7th October 2018 to send them to the FCA (in relation to Chapter 3) and until the 7th November 2018 (in relation to Chapter 2)
Approach to Supervision:
The FCA previously consulted on their Approach to Supervision between March and June 2018 and plan to publish the final version of this in the Winter 2018-19.
The FCA’s Approach to Supervision highlights the regulator’s aim to be more forward-looking and pre-emptive in their approach to engagement with firms.
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