LONDON, May 16, 2013 /PRNewswire/ --
After a string of market failures and facing stark criticism for alleged inadequate regulatory protection, the Financial Services Authority (FSA) has been split into two bodies, which will take on separate responsibilities. As of April 1, 2013, the FSA was replaced by two bodies, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), the latter of which is overseen by the Bank of England. So what exactly does the revision mean for regulated businesses? Consistently having its clients' best interests at heart, Core Dais, one of the leading design companies in London, is endeavouring to ensure its clients are up-to-date with the changes, taking the opportunity to build on their clients' existing marketing materials to ensure that they not only satisfy their clients but also the FCA.
According to the FSA, companies which are 'dual regulated,' namely banks, major investment firms and insurers, will now be supervised and regulated by the two independent groups for both prudential and conduct. These groups will be responsible for different aspects and work to different objectives, but will collaborate internally to share data and information.
Companies which don't fall under the 'dual regulated' model will be supervised by one regulation area for both prudential and conduct issues.
Talking about the 'dual model,' Sona Ganatra, senior associate for City lawyers, Fox Williams, told the Financial Times:
"It is only deposit takers, insurers and SIFs that will be dual regulated under the twin peaks model, the remainder of financial services firms will be regulated solely by the FCA."
The previous FSA handbook has now been separated into PRA and FCA handbooks and while the content does not diverge significantly from the original, it provides practical guidance about the amendments companies should be aware of.
It is the change related to stationery and marketing materials that Core Dais is keen to alert its clients to. According to the section 'stationery and statutory disclosures' in a Shearman & Sterling LLP report about the new UK financial services regulator, the FSA rules require that references be included in stationery and marketing materials to a company being "authorised and regulated by the FSA" and that these disclosures will need to be updated before April 1, 2014.
Reiterating this point, Core Dais states on its website:
"With recent news of change from the Financial Services Authority to be split into two and having been rebranded as the Financial Conduct Authority, it means that all regulated businesses with existing stationery and marketing material need to be updated to be complaint. We're working closely with our clients from this sector to ensure they are kept up to date with the latest guidelines."
Core Dais prides itself on understanding business objectives and in ensuring its clients are aware of the changes being made by the Financial Services Authority, the leading London design company is certainly going above and beyond expectations to ensure clients' best interests are met.
Located in Enfield, Core Dais provides integrated, bespoke and effective solutions in four key areas: design, brand, web and printing.
SOURCE Core Dais