The words take on flesh: creation of the Financial Conduct Authority

As meat forms on the bones of the future regulator, Charlotte Hill and William Maycock summarise key issues in the FSA's October Approach Document and flag up concerns for compliance officers.

Charlotte Hill is a partner and William Maycock an associate in the financial services and regulation team at law firm Stephenson Harwood. Contact Charlotte and William at charlotte.hill@shlegal.com and william.maycock@shlegal.com.

The Financial Services Authority has published its long-anticipated second approach document in relation to the new Financial Conduct Authority (FCA). The FCA is one of the three new regulators that will replace the FSA next year and is to be responsible for conduct regulation and consumer protection among other things. While there is nothing wholly new in it, this document does set out in more detail than before the vision for the new regulator. It adds flesh to the bones provided in speeches given by various FSA glitterati, including Martin Wheatley, the FCA's CEO designate, and follows on from the first approach document on the FCA that was published in June 2011.