The Financial Conduct Authority (FCA) has opened a consultation about its general approach to international firms providing or seeking to provide financial services that require authorisation in the UK. Consultation paper CP20/20 does not propose to change existing rules or other provisions in the FCA’s Handbook. Instead, the FCA uses the CP to explain, and seek views on, how it assesses these international firms against minimum standards when they apply for authorisation and during ongoing supervision by the regulator, and its general expectations for these firms.
CP20/20 also aims to set out, and seeks views on, the circumstances where these international firms could present higher risks of harm and how those risks can be mitigated.
The FCA’s consultation period on this paper closes on 27th November 2020. BIBA will be submitting a formal response. Members who would like their views to be taken into consideration as part of this process should send their comments to David Sparkes at [email protected] by close of business on Friday 20th November.
After consultation, the FCA expects to publish a finalised document explaining its general approach to international firms. That document will supplement existing guidance, such as the publications on its approach to authorisation and its approach to supervision.
BIBA members’ compliance and regulation queries should be directed to: [email protected].