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06 Jan, 2012
Retail Distribution Review - FSA Surgeries
Series of FSA surgeries around the UK Jan - June 2012 to enable IFA's to meet with FSA staff.
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22 Dec, 2011
Business Risk Awareness Workshops for Retail Firms
Small FSA Regulated Firms in NW England required to attend Business Risk Awareness Workshops.
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08 Dec, 2011
Under orders.....
FSA announces plans to roll out a program of workshops and follow up review meetings with small firms.
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15 Nov, 2011
Freedom of Information Act extended to cover FOS
The Financial Ombudsman Service (“FOS”) has been designated as a public authority and as a result must now comply with the Freedom of Information Act (“FOIA”).
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20 Oct, 2011
Common Platform Firms - Role of Compliance Officer: SYSC 6.1.4
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18 Aug, 2011
Changes to Application Forms
UPDATED FSA APPLICATION PACKS
The forms that have been changed are:-
• Core details and appendices.
• Supplement for Investments, Mortgages and non-investment insurance contracts and also Connected Travel Insurance.
• Supplement for Securities and Futures Firms (complex) and (non-complex).
• Supplement for Investment Management Firms.
• Supplement for Advisers and Arrangers.
• Relevant checklists and declarations.
The changes include corrections to dates, legislation and handbook references, improving consistency throughout the application forms, removing questions that were no longer relevant and adding further questions reflecting the FSA’s more intrusive approach and general developments in the marketplace e.g. TCF, Non advised sales, UCIS, Platforms, Mortgages, PPI.
The FSA is continuing to work on updating and revising the remaining less frequently used supplements.
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12 May, 2011
IFAs - Notification of Competence
From July 2011, all firms with CF30 retail investment advisers will be required to notify the FSA about any competence and ethics issues that arise with those advisers..
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12 Mar, 2011
More changes on Client Money - Reporting for Small Firms
The FSA were planning on introducing changes to client money controls and requiring Firms to appoint a CF10a (Controlled Function responsible for Client Money). These planned changes are pressing ahead for Large and Medium Size Firms. Such Firms will also be required to report on a monthly basis & will already have been contacted directly by the FSA...
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21 Feb, 2011
Further shuffling of the chairs
Another day, another paper from HM Govt / FSA policy machine. Comments are invited by 14th April on the latest in a series of proposals to reform Financial Regulation. ...
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26 Jan, 2011
FSA to take over responsibility for 2nd Charge loans & sale and rent back
Second-charge loans, Sale & Rent Back and mortgage back book administration will all be regulated by the FSA, the Treasury confirmed today in a bid to enhance consumer protection...
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03 Dec, 2010
FSA delays implementation of Approved Persons regime to Mortgage Brokers
The Council of Mortgage Lenders welcomes the statement by the Financial Services Authority that it is deferring implementation of extending the approved persons regime to all those who sell mortgages...
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21 Nov, 2010
More on Mortgages
The FSA has published a further Consultative paper and comments are invited by 25th Feb 2011. A copy of the paper may be accessed at ...
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14 Oct, 2010
Liquidty: ILAS and non ILAS; which one are you?
The FSA has published a consultative paper on BIPRU 12 liquidty regime. A full copy of the guidance may be found ...
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30 Sep, 2010
New Complaint handling rules proposed
The Financial Services Authority (FSA) is unhappy the current standards that Firms apply to dealing with customer dissatisfaction. The FSA are proposing changes to its complaints handling rules...
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13 Jul, 2010
More on Money Laundering
Following the June 2010 meeting of the Financial Action Task Force, HM Treasury yesterday issued updated advice about risks posed by unsatisfactory money laundering controls in a number ...
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25 Jun, 2010
RIP Commission for GPP's
The Financial Services Authority has published final rules confirming the ban on commission for sales in the Group Personal Pensions market from...
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19 Mar, 2010
Terrorist Asset Freezing Bill
HM Treasury has launched a public consultation on the Terrorist Asset-Freezing Bill. The consultation document sets out the Government's...
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25 Feb, 2010
Useful links
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08 Jan, 2010
Revised FSCS Compensation limits.
The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation fund for customers of authorised financial services firms. It can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This will generally be because the firm ...
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18 Nov, 2009
Close Links rules changes
The FSA are introducing revised proceedures for reporting changes to Close links. The new rules will have a 6 month transitional period with full implementation by 1 June 2010...
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11 Nov, 2009
FSA Fees changes - 2010/11
The FSA have published a Consultation Paper CP2009/09 setting out their plans for changing the basis of annual fees for Regulated Businesses. For small IFA's this means that fees are ...
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09 Oct, 2009
HM Treasury review of Money Laundering Regulations
HM Treasury has today published a Call for Evidence to launch a Review of the Money Laundering Regulations that it is ...
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19 Aug, 2009
Serious Organised Crime Agency - Annual Threat Assessment Report
Serious Organised Crime Agency - Annual Threat Assessment Report...
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12 Aug, 2009
Anti Money Laundering Registration
The Money Laundering Regulations 2007 are designed to deter financial crime and terrorist financing by reducing the possibility of legitimate businesses being...
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22 Jul, 2009
Small Business Complaints - FOS
Currently, small businesses with a turnover of less than ?1M may, in certain circumstances, have their complaint referred to the Financial Ombudsman Service...
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30 Jun, 2009
HM Treasury update
HM Treasury draws attention to the recent meeting of the Financial Action Task Force (FATF), which met in Lyon 24 - 26 June 2009. ...
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05 Jun, 2009
Sale and Rent back Regulations
The FSA has published further details about the steps that they will be taking to regulate the "Sale and rent back" sector. Sale and rent back involves individuals selling their
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15 May, 2009
Updates to FSA standing data
A number of Firms seem to be encountering problems with the FSA Firms on Line update facility. This is a separate log in area for recording changes to standing data such as contact addresses; ...
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15 May, 2009
Financial Crime - FSA Report
The FSA has completed a thematic review of how Firms are complying with the need to tackle Financial Crime and in particular systems and ...
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13 May, 2009
The Gloves are off!
We can expect a step change in the approach that the FSA are adopting with a more direct and intrusive approach to supervision from now on. Less emphasis...
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31 Mar, 2009
Credit / Debit Card Fraud reporting contact list
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24 Mar, 2009
Past examination papers and exam guides
The Chartered Insurance Institute are offering members free access to older exam guides. Further details may be found at ...
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19 Mar, 2009
FOS to publish firms' complaints records from Sept 09.
The Financial Ombudsman Service (FOS) has announced that it will will make public business-specific complaints data from September...
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16 Mar, 2009
RIP Principles based Regulation?
In his speech last week Hector Sants outlined that the gloves are off and that the FSA are looking to "beef up" their supervision teams. An additional 280 specialist staff are being recruited an...
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13 Feb, 2009
Unfair contract terms - fee agreements
The FSA has recently deemed that the wording of a client agreement used by a Regulated Firm was unfair. Firms should review their existing agreements and may wish to add in : ...
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12 Feb, 2009
FSA Fee Calculations
Where the FSA does not have the information to calculate the 2009/10 FSA fees and levies for the FOS and the FSCS, then...
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12 Feb, 2009
Sale & Rent Back schemes
The FSA has today confirmed in the Consultative Paper CP09/6 that there are plans to "Regulate" the Sale and Rent back sector. ...
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28 Jan, 2009
PADA timetable post Royal Assent of Pensions Act 2008
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27 Jan, 2009
Financial Serevices Compensation Scheme - definition of eligible smaller business
information on the Financial Services Compensation Scheme website indicates that, for the purposes of DEPOSIT and INVESTMENT claims, a company must meet two of the following criteria (as set out...
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27 Jan, 2009
Increases to minimum PI limits
The Insurance Mediation Directive requires Firms who conduct non-investment insurance (term; travel; motor; mobile phones; medical etc) to have in place minimum PI of £1.36M ( €1.5m) in aggregate ...
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20 Jan, 2009
Changes to Approved Persons Regime
The FSA has published details of their plans to "beef up" their oversight or Regulated Firms. Particular emphasis is being placed upon the competence of firms’ management ...
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16 Jan, 2009
Financial Ombudsman case fees to increase
Financial Ombudsman Service case fees will rise in the 2009/10 financial year from ?450 to ?500 and firms will continue to receive three free cases. The FOS corporate plan and 2009/10 budget, predicts...
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10 Jan, 2009
Taping of telephone calls
Last March the FSA published rules which required some firms to tape some telephone calls. This was in Policy Statement 08/1 ‘Telephone Recording: recording of voice conversations’. The aim...
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07 Jan, 2009
FSA Fee Blocks
A.1 Deposit acceptors. A.2 Home finance providers and administrators. A.3 Insurers – general. ..
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31 Dec, 2008
Limited Companies - late filing penalties
Companies House have reminded Businesses of the increased penalties for the late submission of accounts from...
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18 Dec, 2008
FS08/7 - Commission disclosure for Commercial Insurance Transactions
Looks like the FSA are giving the Industry a "final chance" to put their houses in order regarding commercial insurance commission disclosure. The FSA first...
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11 Dec, 2008
Pensions Switching - a further Pensions Review
The FSA has written to Firms that conduct PPP to PPP / SIPP switches regarding the findings of a recent study that found regulatory shortcomings in the standards of advice offered...
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04 Dec, 2008
Phoenix Firms - be warned, FSA to take action
Phoenixing is the term given to a Company that ceases to trade one day and then a new Company opens up, with similar name and same staff; premises etc. The assets of the former Company...
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01 Dec, 2008
RDR - RIP Indemnity commission...
Much has been written by journalists about FS08/06 - the feedback statement about the Retail Distribution Review. One point that most articles have overlooked is the fact that from 2012 ...
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27 Oct, 2008
Use of FSA Logo
The FSA only allows Firms to use the FSA logo on letterheaded paper and the equivalent e-mail. Copies of the logo and additional notes may be found...
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16 Oct, 2008
New Treasury subscription e-mail service
HM Treasury's Financial Crime Team has launched a new subscription service that will be of interest to all types of regulated firms under the Money Laundering Regulations 2007...
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02 Oct, 2008
Conflicts of Interest
The Pensions Regulator has finally published guidance for trustees on dealing with conflicts of interest. The Regulator’s has identified five "high level" principles...
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09 Aug, 2008
Retail Distribution Review
As predicted, the FSA has announced that they are delaying publishing feedback on the RDR until November. The FSA have advised that the feedback statement will include the full feedback ...
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14 May, 2008
Anti-money laundering : equivalent jurisdictions
HM Treasury has issued a list of jurisdictions outside of the EEA which are considered to have equivalent anti-money laundering legislation to the third European directive...
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29 Apr, 2008
Retail Distribution Review - interim update
The FSA have “listened” to the market place and moved away from the Chartered / GP / Primary Advice model. A full feedback statement due out...
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29 Apr, 2008
Prudential Regulation of Personal Investment Firms
The FSA has today published a feedback paper regarding Personal Investment Firms; Capital and PII requirements...
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06 Feb, 2008
FSA Fees
The FSA have published a Consultation Paper CP2009/09 setting out their plans for changing the basis of annual fees for Regulated Businesses. For small IFA's this means that fees are...
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14 Jan, 2008
Goodwill
Back in 2005, the FSA granted a three year transition period to enable Directly Authorised Brokers to restructure their balance sheets in order to remove "Goodwill". Firms are reminded ...
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16 Dec, 2007
New Money Laundering Regulations now in place
The Money Laundering Regulations 2007 came into force on 15th December 2007. Businesses are now required to have in place risk-based systems and controls to help prevent money laundering...
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01 Nov, 2007
New Complaints Rules
The new complaints rules came into force on 1 November 2007. All complaints received...
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02 Oct, 2007
3rd Money Laundering Directive - Beneficial owners of occupational pension schemes
Concerns had been expressed that the Directive might be implemented in a way that would apply increased and onerous identification requirements to beneficial owners of rights under occupational pension schemes...
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07 Aug, 2007
RDR and Chartered Status
The Retail Distribution Review has suggested that only those of "Chartered" or Certified Financial Planner status may use the term Independant. In order to...
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27 Jun, 2007
Retail Distribution Review
The FSA has published the First Discussion paper on the Retail Distribution Review and is inviting comments from interested parties by...
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13 Jun, 2007
Bank of England Financial Crime updates
The FSA Financial Crime requirements include an expectation that Firms monitor the Bank of England website and in particular issues regarding fighting financial crime. The Bank of England...
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31 May, 2007
FSA to scrap Menu and IDD
The European Commission has forced the FSA to rethink their proposals for MIFID Firms having to use the menu and initial disclosure document after November 07...
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17 May, 2007
Mystery Shopping - Mortgages
One of the key tools used by the FSA to monitor Firms is the use of Mystery shopping...
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15 May, 2007
EU Third Money Laundering Directive - supervision of other businesses
From 15 December 2007 many businesses, from casinos to estate agents, will have their anti-money laundering controls monitored. HM government...
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09 May, 2007
New deadline set for TCF
The FSA has published a further reoprt on the progress of implementing TCF. The key messages in the report are :...
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03 May, 2007
CP07/4 - Training & Competence Review
The FSA are seeking comments on proposed changes to the T&C regieme by 23 May 2007. The implementation of the MIFID directive on 1 November 2007 has meant that the FSA need to move...
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23 Apr, 2007
Compensation Act 2006
There have been a couple of instances recently where "Claims Handlers" have targetted clients that Contracted Out of the State Scheme in order to help them "make a claim" for compensation...
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10 Apr, 2007
FSA Thematic review - Mortgages
The Financial Services Authority has announced that the second stage of its review of the effectiveness of its mortgage regime will focus on areas where the risk of consumer...
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29 Mar, 2007
Financial Ombudsman Service and the Consumer Credit Act 2006
Businesses with a consumer credit licence already come under the FOS ‘compulsory’ jurisdiction where they are also regulated by Financial Services Authority (FSA)...
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21 Mar, 2007
FSA moves towards a more Principles based approach to General Insurance regulation
The FSA has published an interim report about consumer experiences buying Insurance. The report identifies that the risk of detriment vary substantially across the various markets for...
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20 Mar, 2007
FSCS Funding Review
The FSA has published proposals to alter the funding arrangements for the Financial Services Compensation Scheme from April 2009.The plans include:...
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29 Jan, 2007
Home Information Packs
The ODPM have published further guidance on the forthcoming introduction of Home Information Packs from 1 June 2007. A copy of the latest guidance may be found at...
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25 Aug, 2006
Treating Customers Fairly - some thoughts
FSA Deadline for implementation – March 2007...
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29 Jul, 2006
Audit Requirement lifted on Small Firms
This was flagged up as something that the FSA have been looking at for a while and is good news. The exemption...
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