FSA prepares firms for 'grandfathering'

The FSA published guidance today explaining how authorised firms, individuals and products will be transferred from the existing regulatory regime to N2, the new unified FSA regime later in the year. The paper is called 'Preparing for N2: Grandfathering'. Grandfathering refers to the process where companies already holding regulatory status will not need to reapply for permission or approval again and can continue operating as usual. David Kenmir, director of the FSA explained that although the grandfathering process is automatic in law, the regulations made by the Treasury req...