Context
The FCA has developed a Rule Review Framework in line with an obligation introduced by the Financial Services and Markets Act 2023. Following a public consultation, the FCA has finalised the detailed Framework and has published its response to the feedback to the consultation separately.
Key points to note and next actions
- This Framework applies to all rules in the FCA Handbook, with some of the requirements on monitoring applying especially to new rules.
- The FCA has separately published three extracts from the Framework showing two overviews of how the review process will apply to new rules and all rules, and a comparison of the types of review.
- The Review Framework covers a range of topics including the FCA’s approach, why and what it reviews and the types of review it will use, how it sets, measures and monitors the outcome of rules, actions it can take following reviews, its approach to reporting, and the outcomes it is seeking from the Framework.