Financial Conglomerates Directive amendments implementation

In a joint consultation with HM Treasury, the FSA has set out how the UK will implement amendments to the Financial Conglomerates Directive. The directive applies supplementary prudential supervision to mixed financial groups that carry out both banking/investment and insurance activities of significant size. The rules must be implemented by 10 June and the UK has little scope for discretion, so will mainly copy the directive text into the Handbook.