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Beverly Chandler, Opalesque London: A timely note from Dechert points out that Monday 1st April, a Bank Holiday in the UK, will see the end of the current financial regulatory body in the UK, the Financial Services Authority (FSA) and the arrival of two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Dechert examines the immediate impact on firms which will be regulated by the FCA, drawing attention to the FSA’s webpage on classification of firms by the FCA andFAQs on the transition to the FCA. Dechert says that the body has also written to all FSA authorised firms, enclosing the FAQs and confirming the firm’s "conduct classification" and "prudential classification" (see below). The FCA also published a Policy Statement (PS13/5) on 25 March 2013, giving final Handbook rules.

Dechert’s highlights the most important points arising from "legal cutover" on 1 April 2013 as follows:

• The permission for firms regulated by the FSA will be automatically transferred to the FCA.
• Firms’ registration numbers will be carried across.
• The required disclosure in letters (and electronic equivalents) sent to retail clients for FCA authorised firms will be "Authorised and regulated by the Financial Conduct Authority" and for PRA authorised firms "Authorised by the Prudential R......................

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