How we grant confirmation

1.

We will generally discuss with the guidance provider which area the guidance is intended to cover, the benefits of doing so, timescales and involvement required from us.

2.

We will consider the proposal, check if there have been other requests of a similar nature (as this could be an indication that we need to provide the guidance ourselves) and check resource availability. This will not be a lengthy process.

3.

We will send a letter to the guidance provider stating we think the proposal will add value and we are committed to reviewing the guidance with a view to granting confirmation once the content is finalised.

4.

The guidance provider drafts the guidance. The provider needs to bear in mind that the Industry Guidance must meet the confirmation criteria when drafting the guidance.

5 & 6.

We (and our Consumer Panel where necessary) will review the draft text and provide any comments to the guidance provider. On some occasions, as the FSCP recognises, the guidance provider may wish to present / discuss the draft directly with the Panel. The process for doing this can be discussed on a case-by-case basis.

7 & 8.

When the provider has made the final changes, it should send us a final draft for review and sign off.

9.

If we are satisfied that the final version meets the confirmation criteria and minimum regulatory requirements, we will grant confirmation and will notify the guidance provider. If the guidance provider wants to renew confirmation, it must contact us around three months before the end date. Confirmation is valid for three years provided that during this period there is no change to the content of the Industry Guidance or to the underlying FSA requirements.

10.

The guidance producer will need to provide details of where the confirmed Industry Guidance is stored so we can create a link to it from its Industry Guidance web page.