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FSA to continue concessions at N2

The FSA says all waivers and individual guidance under PIA rules will automatically continue once it assumes full powers at N2.

To limit bureaucracy and assist continuity, the relatively small amount of firms that already have concessions from the regulations will not have to reapply.

An announcement about the transfer of direct regulation to the FSA will follow in the Summer. The proposals are set out in Consultation Paper 89 "Grandfathering Concessions and Individual Guidance."

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