FCA individual guidance
FCA individual guidance

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • FCA individual guidance
  • Who can issue individual guidance?
  • What is individual guidance?
  • How to make a request for FCA individual guidance
  • The FCA's response to the request
  • Individual guidance on the FCA's own initiative
  • Can a person rely on the FCA individual guidance?

Who can issue individual guidance?

The FCA has a power to issue individual guidance. The PRA was not given equivalent statutory powers in Part 9A of FSMA 2000, however, it may allow PRA authorised firms to take account of certain guidance issued by the FCA.

This Practice Note outlines the FCA procedures on individual guidance.

What is individual guidance?

The FCA's policy on individual guidance is set out in the FCA's Supervisory Handbook (SUP), chapter 9, SUP 9.

Individual guidance is oral or written guidance from a regulator that:

  1. is given to a particular person as opposed to persons or regulated persons generally, and

  2. relates to that person's own particular circumstances or plans on how the rules and general guidance in the FCA Handbook and FSMA 2000 or other regulatory requirements apply in its particular circumstances

The FCA 's power to issue individual guidance is derived from FSMA 2000, 139A, which also covers the FCA's power to issue general guidance. SUP 9 details the FCA's application and purpose on individual guidance.

How to make a request for FCA individual guidance

Firms can submit a request for written guidance to the FCA under SUP 9 via their electronic submission system. Firms can submit a request for written guidance to the FCA under SUP 9 via the FCA’s Electronic Submission System