PROTECTING THE PERIMETER
Passporting also enables authorised firms from another EEA Member State to do business in the UK via an establishment or services passport. In most cases, passporting rights can be exercised following notification procedures set out in the relevant single market directive.
For firms wishing to passport into the UK, we will manage all passporting notifications except for banking and insurance(12), which will be managed by the PRA.
For firms wishing to passport out of the UK, we will be responsible for issuing relevant notices for those authorised firms that are not PRA regulated. If an FCA firm that is part of a group wishes to passport, we will consult with the PRA in the event the wider group includes a PRA-regulated firm.
When firms wish to establish themselves in the UK, we will assess them based on conduct risks, EU directives and adherence to local rules. We will analyse the types of business that we think hold more risk for consumers and UK markets.
For dual-regulated firms, both the FCA and the PRA will maintain a relationship with the relevant EEA regulator.
E-money firms, Payment Services Directive firms, and mutuals
The Bill will not make any changes to applicants seeking payment or electronic money institution status. On Day One, these businesses will be regulated solely by the FCA. From 1 October 2012 the FSA began to conduct ‘fit and proper tests’ on applicants who wish to become registered as small payment institutions. These tests also apply to existing registered small payment institutions and certain individuals attached to them.
The vast majority of the 10,000-plus mutual societies will continue to be unregulated; we will assume responsibility for their registration and public records and for receiving their annual returns.(13) For those mutuals (such as building societies, credit unions and some friendly societies) that are currently regulated under FSMA(14), the FCA will also become their registration authority.
12 Those that come under the Banking Directive,Consolidated Life Assurance Directive, Reinsurance, and Third non-life insurance
Directives.The insurance directives will in due course be replaced by Solvency II.
13 For more information on our role here, see:
www.fsa.gov.uk/doing/small_firms/msr
14 The Financial Services and Markets Act 2000.
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