4
Initial steps
4.1
When a firm is considering undertaking an RFTS it should approach the regulators at an early stage. Early dialogue with the regulators will enable a realistic timetable to be established.
- 01/01/2019
4.2
There will be close and frequent dialogue between the PRA, the firms, the nominated skilled person, the FCA and any home state regulator (where a transferee includes a firm authorised by an EEA state other than the UK) during which the scope and content of the scheme report will develop.
- 01/01/2019
4.3
Before the nominated skilled person is approved by the PRA, they should avoid undertaking excessive preliminary work which may compromise or be perceived to compromise their independence.
- 01/01/2019
4.4
The initial documentary information on the scheme should be provided to the PRA, shared with the FCA, and should include the broad outline of the RFTS including a provisional timetable. Firms should undertake and share their own assessment on the statutory question (detailed in section 5) in the course of their planning for the implementation of the ring-fencing regime. This analysis should be shared with the skilled person.
- 01/01/2019