New regulators to get wider approved persons powers

With the Financial Conduct Authority and Prudential Regulation Authority coming into existence early next year, the FSA yesterday issued a consultation paper on how regulatory reform will affect the Approved Persons regimes. Among the key provisions will be to allow both regulators to discipline an approved person who has breached a statement of principle that it has issued, irrespective of whether or not it has approved the individual. Furthermore, these statements of principle, which are contained in the Code of Practice for Approved Persons, could relate to the conduct expected not...