DPB Update Issue 9 - April 2013
On 1 April 2013 the FSA was replaced by two new regulatory bodies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The FCA will have the lead regulatory interest in the designated professional body (DPB) regime.
Changes to the DPB Handbook
The change from FSA to FCA has meant that we have had to make changes to the DPB Handbook as it contained frequent references to the FSA.
All references to the Financial Services Authority or FSA have been replaced by the Financial Conduct Authority or FCA.
The majority of these changes are presentational.
We share a common handbook with CARB and ICAS. These bodies have taken the opportunity to make amendments to the handbook reflecting changes to their own regulatory arrangements. These changes have no impact on ICAEW licensed firms although they do mean the handbook will look a little different.
Firms will need to update their engagement letters
One change that will affect firms is that the name of the FSA Register has changed to the Financial Services Register and the website address for the register has also been changed to www.fca.org.uk/register . This means the text for the suggested paragraph for your engagement letter in Schedule 1 of Part 4 of the handbook has changed because it referred to both the FSA and the FSA register. Firms will therefore need to make equivalent changes to their engagement letters and any other materials that refer to the register. Our engagement letter helpsheet will also be updated.
The website address for the FSA Register will only remain live for another three months, so you'll need to make these changes by the end of June 2013.