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7 Rules and Principles

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 26 May 2022

Subject(s):
Conduct of business regulation — Financial Services and Markets Act 2000

This chapter examines the structure and interpretation of the principles and rules made by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) that govern the operation of persons subject to the UK system of financial regulation. The respective powers of the FCA and PRA to make rules applying to authorised persons are assessed. The main rules, and their application to FCA- and PRA-authorised persons, are displayed in a table. Consideration is given to the influence of EU legislation on UK conduct of business rules. Guidance is provided on how to interpret a rule, and the possible consequences of breach of a rule. The regulators’ power to waive or modify a rule following the application of an authorised person, and the scope of the FCA’s option to give guidance regarding rules, are also discussed. Finally, the FCA’s principles for business and the PRA’s fundamental rules are assessed.

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