In April 2012, Supervision adopted the internal-twin peaks structure, and now Authorisations are implementing a similar structure, with assessments carried out by both the Prudential Business Unit (PBU) and the Conduct Business Unit (CBU).
This change will only affect firms that will be dual regulated in future. The application submission process will not change and we will continue to seek to meet our statutory deadlines. What will change is how the application is processed internally.
There will be a CBU case officer and a PBU supervisor responsible for each application and they will coordinate to minimise duplication or the impact on applicant firms and individuals. The final decision will need to be agreed by both the PBU and the CBU to ensure a single FSA decision during transition to the new regulatory structure.
These changes will allow us to start to deliver, as far as possible, a model that will mirror the future authorisation procedures in the PRA and the FCA.
Press release
© FSA - Financial Services Authority
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