Approved persons regime takes FSA back seat

Robyn Hall

October 4, 2012

In a consultation paper, “Regulatory reform: the Prudential Regulation Authority and Financial Conduct Authority regimes for Approved Persons, published yesterday, the FSA said it recognised that “this is not ideal”.

It said: “We remain committed to the outcomes we were trying to achieve with the introduction of the approved persons regime – CF31 (i.e. to help to clamp down on mortgage fraud to make all mortgage advisers personally accountable, requiring them to demonstrate they are ‘fit and proper’, and to enable the FSA and the industry to track individuals as they move between firms).”

But it added: “However, as a result of regulatory reform we are now undergoing an essential Information Systems programme of work which must take priority over the introduction of CF31.

“We recognise that this is not ideal and welcome suggestions about how we could achieve the outcomes earlier as an interim measure.”

The consultation closes on 7 December 2012.

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