BUILDING OUR UNDERSTANDING OF THE MARKETS


We intend to make consultation easier and not a burden. We will develop engagement opportunities across the country, whether face to face, online or via third parties. This applies to everyone, from market representatives, firms and other stakeholder groups, to retail consumers. We will also use a new consumer segmentation model to validate the audience choices we make.


We will be clear about the scope and impact of our proposals and to what extent we are required to implement them as a result of European legislation, and will consider the burden of the consultations we issue. We will produce fewer, more focused consultations than we have done in the past, and discuss proposals face to face where appropriate.


Our Markets Division


We continue to be the UK’s securities markets regulator, overseeing billions of pounds of equity and debt funding raised by companies every year through the UK’s primary markets and the subsequent trading of securities on those markets, both on- exchange and bilaterally negotiated. We will also inherit responsibilities for overseeing other exchange-traded markets and the £600 trillion over-the-counter derivatives markets. This includes additional supervisory responsibilities following full implementation in early 2013 of the G20 commitments to tackle risks in those markets.


Our Markets Division will tackle these responsibilities in an integrated way across its risk analysis, policy making, supervisory and enquiries functions, and will work closely with all other FCA divisions, particularly on wholesale conduct issues. We will continue to supervise key market infrastructures (regulated markets and multi-lateral trading facilities), but the supervision of clearing and settlement infrastructure will move to the Bank of England.


We will also carry forward our enforcement- focused approach to tackling abusive market behaviour, and failures to disclose information to the markets.



However, we will have the opportunity to do some things differently, due to the new operational objectives for the FCA, new supervisory and disciplinary powers in relation to recognised investment exchanges, sponsors and primary information providers, and changes in the regulatory structure in the UK and the EU.





Case study: better policy making


Firms often tell us we produce too much written material and this does not always lead to effective communication and engagement.


So recently, instead of producing a Discussion Paper asking for written feedback from firms about ideas to improve client money policy for insurance brokers, the FSA team talked through the plans with them face to face and gathered firms’ immediate feedback.


At seminars organised by the British Insurance Brokers Association between February and May this year, firms were taken through the ideas and the FSA team listened to their views. We collected more information and gained more immediate feedback about the impact of what was being suggested than the traditional route would have achieved.


The proposals published by the FSA in September were able to take account of the insights of the end-users. An immediate change is the language in the document, which will be more easily understood by the brokers who need to read it. This will remove the need to produce a separate guide explaining the final rules, which the FSA did last time these rules were updated. It will also mean that when we publish our final rules as the FCA, they are more likely to be easily understood and therefore better applied by those they affect.

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