Christopher Woolard, the British Financial Conduct Authority's Director of Strategy and Competition, is to take over the reins for a while when Andrew Bailey leaves to become the Governor of the Bank of England. In the meantime, the supervisory (SUP) part of the rulebook is changing slightly.

Woolard is responsible for the FCA’s policy statements and its work on innovative IT, competition and macro-economics. Nobody knows how long he will remain as CEO before the Treasury finds the new person for the job. Bailey goes to his new job on 13th March.

Meanwhile, from 31st January onwards, firms that have to report various things about themselves to the FCA in accordance with rule SUP 16.10 will have to check and/or amend and confirm the accuracy of their so-called 'firm detail's every year, using the FCA’s Connect portal. Firms that need change no information at all are nonetheless required to ‘attest’ to that fact. They will have to do this within 60 business days of their Accounting Reference Dates (ARDs). The FCA consulted interested parties about reforming rule SUP16.10 last year and has just done so, according to a spokeswoman.

The FCA is promising dire consequences for any firm that does not log on to Connect and aver that its details are accurate and up to date. It is threatening to punish recalcitrant firms for not obeying 'principle for business' 11, which exhorts them to deal with it in an open and co-operative manner.