FSA confirms outsourcing guidance

The UK’s Financial Services Authority (FSA) has confirmed that it will use the European Union's Mifid rules in supervising outsourcing by firms based on the interpretation and guidance of the Mifid Connect group. This is the first guidance developed by the industry that the FSA has recognised since publishing its Discussion Paper, ‘FSA confirmation of Industry Guidance’, last year, and the first formal Industry Guidance related to Mifid. The Connect guidance covers the 'common platform' FSA