The FSA says it is making a clear commitment to increase its enforcement activity and penalties and improving and increasing its resources. This note highlights some of the key issues arising from the FRO and Business Plan for regulated firms and individuals.
The FSA says it is making a clear commitment to increase its enforcement activity and penalties and improving and increasing its resources.
This note highlights some of the key issues arising from the FRO and Business Plan for regulated firms and individuals. Outcomes Focused Regulation The Business Plan refers to a new FSA strapline "outcomes-focused regulation", indicating a change of emphasis from its previous strapline "principles-based regulation".
With its new strapline, the FSA has signalled a change of focus from judging adherence to Principles to judging the consequences of actions taken by regulated firms and individuals. There is also an increased risk that the FSA will use speeches and other publications to articulate the "outcomes" it expects, thus, in effect, creating another layer of "rules" for firms and individuals to comply with.
The FSA anticipates that many firms will need to reshape their business models to adhere to the proposed new rules. In short, the main proposals cover the following: The FSA says it will be reviewing these arrangements more rigorously.
New requirements will include the need to have in place processes and systems to identify, measure, monitor and control liquidity risk and resources.
High level standards of the current regime will be maintained. Requirements for firms to carry out stress testing and have in place contingency funding plans will be strengthened. An Individual Liquidity Adequacy Standards framework will be used to make sure standards are tailored to individual firms.
A new regime will be put in place to regulate the liquidity of UK branches of foreign firms and entities forming part of a wider group. According to the FSA, firms must understand the access they have to liquid assets which can be converted to cash if funding becomes unavailable and they must proactively develop alternative funding strategies.
Senior management responsibility and risk management One of the priorities for the FSA in the Business Plan is to focus on individuals in significant influence functions.
In particular, the FSA says it will address compensation structures, managerial competence and "risks from misselling". The FRO highlights the need for senior management to ensure that risk management systems and controls are in place for all areas of risk in their firms.
Individuals in significant influence functions need to ensure that risks are continually reassessed as market and economic conditions evolve.
The FSA states that senior management need a clear understanding of the underlying risks to their business models. Prudential policy and accounting frameworks also need to be reassessed and stress testing and scenario analysis should form part of risk management, business strategy and capital planning decisions.
Treating customers fairly TCF The FRO emphasises that firms, despite the difficult environment, must continue to treat customers fairly.
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