(Australia-NewsWire.Com, November 14, 2012 ) Victoria, Australia- Some advisers have raided pointed concern that the Financial Services Authority has yet to set clear guidelines regarding what IFAs will need to put on their stationary when the FSA is abolished and replaced by the Financial Conduct Authority and the Prudential Regulatory Authority.
The FSA announced early today how the PRA will operate in relation to its work with insurers and banks, and later regulators launched its approach document for the FCA. The FTAdviser reader responded with a component that all this still did not help those who needed to understand what his dual-regulated firm’s stationery would be required to say.
Currently, those under the regulation of the FSA must state that it is the case on their stationary. Yet, the watchdog told FTAdviser that there is no consensus or confirmed rule on how the industry should conduct their stationary.
The adviser wrote: “You would think they would at least try and change all paperwork in line with the RDR and help the industry save millions of pounds in printing costs of KFD, Service Agreements, adverts, web page updates and all the other changes required.”
A spokesperson for the FSA stated: “At the moment, the stationery says that the FSA is the regulator but it has not yet been confirmed as to what the FCA will insist on or whether the PRA will say the same thing.”
“The issue will be addressed a lot nearer the time. The new regulators do not come in until the 1st April.”
The spokesperson was unable to give details when asked whether this will be confirmed for this or next year.
The FSA published a consultation document in September. That document related aspects of authorization and supervision, stating that it has proposed giving firms a six-month transition phase.
In a recent published Treasury piece, the Treasury confirmed that the new regime will be “fully established” on April 1, 2013.
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