15/12/2017
The FCA’s approach to authorisation and competition (UK)
‘Authorisation’ and ‘Competition’ are the topics covered by the latest additions to the series of consultation documents being issued by the Financial Conduct Authority to help ensure its regulation evolves with financial services, neither holding firms back nor erecting barriers for market entrants.
Like the opening consultation in the series ‘Our approach to consumers’ (‘Regulating to meet consumers’ needs (UK)’, CPA News, 7 November 2017), they also define the scope of the topic they cover, explain the FCA’s approach to it and seek feedback on specific issues via a short, online questionnaire.
‘Our Approach to Authorisation’ explains how – first through authorisation and then supervision – the FCA ensures all firms meet minimum standards and continue to do so as long as they are authorised.
Sections cover
- the basis for and purpose of authorisation
- how the FCA evaluates whether firms meet the threshold conditions and individuals are ‘fit and proper’
- refusing and cancelling authorisation
- promoting effective competition
- helping firms respond effectively to regulatory change
- improving its approach and measuring its performance
- consultation questions (Annex 1)
In ‘Our Approach to Competition’, the FCA claims to be one of the few financial regulators in the world with a core objective to promote competition applying to all the work it does.
Sections cover
- the FCA’s role
- its decision-making framework
- identifying potential harm
- diagnosing the cause of harm
- remedies
- measuring its impac
- consultation questions (Annex 1)
- market studies (Annex 2)
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