The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Prior to the creation of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in 2013, the predecessor regulator, the Financial Services Authority (FSA) had established eleven Principles for Businesses (Principles), as part of the FSA Handbook, forming part of the High-level Standards which comprised nine sourcebooks in total. The Principles were the fundamental requirements that applied to authorised firms and they set the standards by which firms and approved persons are expected to conduct themselves, and the core regulatory obligations that apply to them. Following legal cut-over in 2013, the FCA retained the Principles in full, and the PRA applied four of the Principles (although dual-regulated firms were expected to follow all 11 Principles as part of the obligations to abide by FCA rules). For more information about the FCA’s Principles see Practice Note: Financial Conduct Authority—Principles for Businesses (PRIN).
In June 2014, the PRA published Policy Statement PS5/14, which amongst other things, established a set of Fundamental Rules intended to replace the Principles and create a clear expression of the PRA’s expectations of firms which would more closely reflect the underlying detailed PRA rules than the Principles. The Fundamental Rules form part of the PRA Rulebook that replaced the PRA Handbook, which in turn was in large part, inherited from the
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