The FSA has promised to consult with industry on how to ensure its prudential rules are fair for all business models and sizes as firms say they are delaying expansion plans while they await clarification.
It says the issue will be included in an upcoming quarterly consultation paper (QCP), but has not disclosed which. The FSA's head of RDR, Richard Taylor, recently said the paper was "not imminent", even though firms only have until 31 December 2013 - exactly one year after the RDR deadline - to transition to the new requirements. "We have agreed any consultation will be in a forthcoming QCP," an FSA spokesperson says. "We will ensure there will be adequate time for firms to comply with any increased requirements." Last November, the regulator published a Policy Statement on the pru...
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