New T&C handbook one third of current length - FSA

The new regime will come into force at the beginning of November and will include a shorter, simpler and more principles based T&C handbook, according to the FSA. The new system will include an overarching competence rule in the Senior Management Arrangements, Systems and Controls sourcebook, which will apply to all UK authorised firms. Retail firms will benefit from a new shorter version of the T&C sourcebook, which will be more outcome-focused and user-friendly and will also comply with MiFID. The new handbook will be approximately one-third of its current length. Current compulsor...