The New UK Regulatory Framework Wipro（英国新监管框架Wipro）.pdf

THE NEW UK REGULATORY FRAMEWORK Impact and Implications on Financial Institutions Michael Daniels Richard Thornton Table of contents 03 The New UK Regulatory Framework 03 What has changed? 04 A Service Provider Point of View on the New Regulatory Regime 07 Considering Capabilities 07 Beyond the Twin Peaks 08 Conclusion 09 About the Authors 09 About Wipro The New UK Regulatory Framework As of April 1 2013, UK has a new regulatory regime – the twin peaks of the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA). The introduction of this new regime has been surprisingly quiet, given the potential for profound implications for UK Financial Institutions. The new structure is seeking to close gaps in regulatory information gathering and legal powers, and has raised expectations regarding its performance from political areas. Regulators wish the UK to continue to be a centre of excellence for the financial services industry, hencetheir interest in ensuring financial institutions deliver more data, reports and controls – all to a higher standard and increased frequency. Firms require a new approach, which is more integrated and holistic and includes both operational changes and new technology infrastructure. Failure to have such plans in place, soon, is highly likelyto attract regulatory attention. What has changed The PRA will be responsible for the day-to-day supervision of financial confidence and t ransparency in financial inst itut ions and to give greater inst itut ions t hat manage significant risk on t heir balance sheet. It will protect ion to consumers of financial services. It will also have a st rong role adopt a more j udgment-focused approach to regulat ion so t ha