| Link(s): | Our Rule Review Framework | FCA |
Context
Linked to the published details in relation to the repeal and replacement of retained EU law with its rules, the FCA has published a web page a new Rule Review Framework. The Framework includes an Annex.
Key points to note
- The FCA has developed this draft Rule Review Framework to explain how it plans to monitor and review how its rules are working in practice. The Framework applies to all the FCA’s rules, which are found in the Handbook, and references to ‘a rule’ in this Framework may also include a set of rules, as appropriate.
- For many rules implemented after the Framework is in place, the FCA will collect and monitor data to assess the effects of rule change; this will help to build the FCA’s understanding, and evidence, of how the rules are working.
- The FCA explains the three types of reviews it will use (evidence assessment, post-implementation review and ex-post impact evaluation).
- The sections of the framework set out a number of key issues, approaches and priorities, including the FCA’s approach to reviewing new and existing rules, how it sets, measures and monitors the outcomes of its rules, how it uses stakeholder feedback and its immediate priorities for review.
- Three of the tables / diagrams / infographics used in the Framework have also been published as standalone extracts:
Next actions
This is an important piece of work. As such, we recommend that firms read the web page to understand the FCA’s approach. The FCA is publishing a draft of this Framework to invite comments and input from all stakeholders before it is finalised. We invite feedback from stakeholders on the Framework (including the annex). Please respond by 15 September 2023 using the online survey, or by e-mailing forregulatoryframeworkpolicy@fca.org.uk , or by writing to Regulatory Framework Policy, Cross Cutting Policy, Supervision, Policy & Competition, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.