On 6 April 2014, the UK's new Regulators' Code came into force. The Code was first published in July 2013. A range of regulators are subject to the Code, including the PRA and the Financial Conduct Authority. Regulators subject to the Code are obliged to take it into account when setting standards and giving guidance to the relevant regulated entities. The Government will monitor the effectiveness of the Regulators' Code and encourages businesses, regulated entities and individuals to challenge any regulator that does not appear to be acting in accordance with their published policies and standards.
The Regulators' Code is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/300 126/14-705-regulators-code.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
