It is expected that in September, the FSA will issue a consultation paper (CP) setting out its thoughts on what authorisation statements will be required for brokers once the move to the Financial Conduct Authority has happened.
Whilst we are not expecting anything ‘earth shattering’, we would suggest all firms keep an eye out for this as it will hopefully set out some timetable for implementation, so firms need to ensure that they do not over over order stationery which will be left unusable.
Whilst on the topic of CP’s, the paper on Client Money for Insurance Intermediaries is now expected to be published in Quarter 3. It had been hoped that this would be published in July, but this has not proved possible.
This will be a very significant paper and we will of course offer specific comment when the paper is available.