http://www.bbc.co.uk/sport/0/football/30478833

and the net result for straying from the rules:

"The clubs will still be allowed to sign players in January if they have 24 or fewer players over the age of 21 who have made at least five starting appearances for the club in total".

"Any of these signings must not cost the club a transfer fee and must cost less than £600,000 a year".

                                                  isnt this all a little toothless?

                                                  Will this seriously impact on the larger clubs?

• Clubs under an FFP embargo will not be permitted to pay a loan fee to another club, they may only pay the player's wage, or a contribution towards it.

• For incoming players, clubs can only pay agents' fees as a benefit in kind to the player in question, as long as they do not exceed the £600,000 employee costs limit.

                                                 so how does this encourage staying within "budget"? 

I am not saying its useless but its far from a solution to the imbalance and clubs can always work within the rules to make sure they arent impacted on too much, especially if resources behind the scenes are in place. And the penalty aimed at fair play and safe guarding the club and fans...,well, look what QPR did!

http://www.theguardian.com/football/2014/sep/12/harry-redknapp-qpr-financial-fair-play-sanction