FCA Compliance

07 Jan, 2016

Capital Adequacy and Subordinated Loans

New Rules are to be implemented from June 2016 affecting Personal Investment Firms. The transitional arrangements will only apply to Firms that are Authorised prior to 29 June 2016.

09 Nov, 2015

Getting ready for the Mortgage Credit Directive

The objective of the Mortgage Credit Directive (MCD) is to enable a level playing field for providers and intermediaries across the European Union and promote cross border activity.

21 Oct, 2014

FCA and futher Business Risk Awareness workshops

The FCA have confirmed that the next region for BRAW workshops is to be the North East and North Yorkshire. Workshops are to take place in December.

14 Aug, 2014

Checklists to help obtain an FCA licence

Firms with Interim Permission have been notified when they may commence with their application for either Limited Permission or Full Permission. Help is at hand..

01 Apr, 2014

FCA Consumer Credit fees

The Financial Conduct Authority takes over responsibility for Consumer Credit on 1st April 2014. After this date any Firm that does not have Interim Permission must cease to undertake Consumer Credit activities. The FCA will be advising all Firms with Interim Permission when they need to apply for a full licence and Firms will have six months to submit their application on line. Application fees for the licence are shown below.

31 Oct, 2013

Business Risk Awareness Workshops are coming to London

The next trance of reviews undertaken by the Financial Conduct Authority are to take place over the next 2 months in the West London area. Firms should already have received a notification - so please check your email in box.

03 Sep, 2013

23 Aug, 2013

More about Consumer Credit and the move to the FCA

The Financial Conduct Authority and the Office of Fair Trading have contacted all existing licence holders setting out what to expect in the run up to the FCA taking over responsibility for Consumer Credit from next April.

13 Aug, 2013

Further dates for online assessments

There are three regions where firms are waiting to receive their online assessments. Firms within these regions have already had the opportunity to attend one of the BRAW workshops.

21 Jul, 2013

FCA and Applications for Authorisation

The FCA recognise that there is a gap in communications currently between the initial acknowledgements of receipt of an application, to when the case handler is allocated. To assist with keeping applicants informed as to the position of their application, the FCA are introducing the following communication:

11 Jul, 2013

Financial Crime Update

The Financial Action Task Force have published further guidance that may be of use to Firms

21 Mar, 2013

FOS confirms case fee increase

The Financial Ombudsman Service has confirmed that the levy for 2013/14 will be ?23 million and that the case fee will rise from ?500 to ?550 per case.

06 Mar, 2013

Financial Conduct Authority to Regulate Consumer Credit

By April 2014 - just before the implementation of the Mortgage Market Review the current OFT responsibilities will pass across to the FCA.

26 Feb, 2013

Business Risk Awareness Workshops 2013

Details of latest round of planned visits by the FSA

10 Jan, 2013

New FOS fees announced

The Financial Ombudsman Service (FOS) is set to ask the Financial Services Authority to increase the amount it collects from firms by ?5.3m to ?23m.

25 Oct, 2012

Mortgage Market Review - Roll on April 2014!

FSA publishes Policy Statement on MMR.

11 Oct, 2012

New regimes for Approved Persons

The FSA has published a consultation paper on the PRA and FCA regimes for approved persons (CP 12/26). The Consultative Paper sets out proposed amendments to the current approved persons regime necessary to implement the new regulatory structure.

16 Aug, 2012

Changes to S166 Skilled Persons Reviews

The Financial Services Bill amends section 166 of Financial Services and Markets Act 2000 (FSMA) to enable the Financial Conduct Authority and the Prudential Regulation Authority to appoint a skilled person directly, where considered appropriate.

23 Jul, 2012

Looks like the lobbying by St James Place worked…..

Changes to Introducer rules for Accountants - and maybe Solicitors?

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.

22 Dec, 2011

Business Risk Awareness Workshops for Retail Firms

Small FSA Regulated Firms in NW England required to attend Business Risk Awareness Workshops.

08 Dec, 2011

Under orders.....

FSA announces plans to roll out a program of workshops and follow up review meetings with small firms.

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”).

20 Oct, 2011

Common Platform Firms - Role of Compliance Officer: SYSC 6.1.4

New Rules for Compliance Officers

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.

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..

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...

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. ...

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...

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...

21 Nov, 2010

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 ...

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...

13 Jul, 2010

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...

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...

25 Feb, 2010

Useful links

Twitter ...

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 ...

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...

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 ...

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 ...

19 Aug, 2009

Serious Organised Crime Agency - Annual Threat Assessment Report

Serious Organised Crime Agency - Annual Threat Assessment Report...

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...

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...

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. ...

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

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; ...

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 ...

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...

31 Mar, 2009

Credit / Debit Card Fraud reporting contact list

Useful contacts...

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 ...

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...

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...

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 : ...

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...

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. ...

28 Jan, 2009

PADA timetable post Royal Assent of Pensions Act 2008

PADA TIMELINE POST ROYAL ASSENT...

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...

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 ...

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 ...

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...

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...

07 Jan, 2009

FSA Fee Blocks

A.1 Deposit acceptors.
A.2 Home finance providers and administrators.
A.3 Insurers – general.
..

31 Dec, 2008

Limited Companies - late filing penalties

Companies House have reminded Businesses of the increased penalties for the late submission of accounts from...

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...

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...

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...

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 ...

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...

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...

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...

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 ...

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...

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...

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...

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...

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 ...

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...

01 Nov, 2007

New Complaints Rules

The new complaints rules came into force on 1 November 2007. All complaints received...

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...

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...

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...

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...

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...

17 May, 2007

Mystery Shopping - Mortgages

One of the key tools used by the FSA to monitor Firms is the use of Mystery shopping...

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...

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 :...

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...

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...

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...

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)...

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...

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:...

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...

25 Aug, 2006

Treating Customers Fairly - some thoughts

FSA Deadline for implementation – March 2007...

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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