UK: Notification of FCA conduct and prudential classifications, and some other materials for 1 April

In preparation for 1 April 2013, the FSA is issuing a letter to firms supported by an accompanying factsheet, and frequently asked question (FAQs) to provide firms with more information on:

• the FCA’s approach to the supervision of firms
• the conduct and prudential categories which has been assigned to the firm, based on the FSA's view of the potential impact of the firm on the FCA’s objectives:
  • all firms have now been assigned one of four conduct classifications (C1-C4)
  • FCA-regulated firms will also have been assigned one of four prudential classifications (P1-P4)
• what this means for the firm - this is dealt with more extensively in the factsheet; and
• next steps

In late April 2013, the FCA will write a further letter to all firms that have a dedicated supervisor:

• to confirm the details of who their supervisor will be; or
• if a firm has changed to no longer having a dedicated supervisor, what this means for the firm in more detail.  

Firm that do not currently have a dedicated supervisor will continue to use the Customer Contact Centre as their first point of contact with the FCA.

On 25 March 2013, the FSA will publish the following:

• a policy statement with the text of regulatory disclosure requirements for firms and transitional arrangements (see also the consultation proposal)
• a policy statement with final FCA guidance on the threshold conditions for authorisation (see also the consultation proposal)

In April 2013, the FSA will also publish a consultation paper on fees rates.