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Post subject: Regulation Round Up - November 2008
 Posted: Sep 28, 2008 - 09:20 AM
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Joined: Apr 05, 2005
Posts: 2964
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Information for all firms
An opportunity to meet with an FSA supervisor
If you need help with understanding our principles, treating customers fairly or general questions about regulation, why not come along to one of our free surgeries. We currently have availability in our December surgeries Watford (9th), Enfield (10th) and Harrow (11th). Please complete the form, which is on the front of the small firm's homepage to book your place. Places are allocated on a first come first served basis.
FSA statement on Treating Customers Fairly
We recently announced that TCF is to be integrated into our day to day supervisory work from January 2009. Some have taken this to mean the TCF assessment programme no longer applies, and that we have dropped TCF.
However, this is not the case. The assessment programme for small firms will also run for the three years as planned.
Updated Moneymadeclear guides on pensions
We have refreshed our guides for consumers who are about to retire and the information about their retirement options. Both are available from the publications section of the Moneymadeclear pages on our website.
Changes to house buying and selling process in Scotland from 1 December
There are changes coming to the house buying and selling process in Scotland. From 1 December, when a house is being marketed for sale to the public in Scotland (and is not covered by an exemption) the person marketing the house must possess a Home Report and make it available to prospective buyers upon request.
Information for financial advisers
Retail Distribution Review proposals published
We have published our final RDR proposals, which aim to boost consumer confidence and trust in the retail investment market.
The proposals:
Provide greater clarity for consumers
Raise professional standards for all advisers
Modernise the way advice is paid for
Introduce a new standard for independent advice
Summary and feedback statement
The webcast of the announcement of the proposals, available from the FSA homepage.
Quality of advice processes
We have published the findings of our second review of quality of advice processes. Factsheets containing examples of good and poor practice found during the course of the review have been published with the most recent one focusing on recommendations made to customers. Further information will be published on our website in the months to come.
Need help on other issues? Try our small firms web pages dedicated to
financial advisers: www.fsa.gov.uk/financialadviser
Information for mortgage advisers
Our view on the challenges facing mortgage intermediaries
Lesley Titcomb, FSA director of small firms and contact division, spoke about the challenges facing the mortgage industry at the Mortgage Business Expo.
Confirmed extension of the common platform to non-MiFID/CRD firms
We have confirmed that we will extend certain chapters of our Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) - known as the common platform - to firms not subject to the Markets in Financial Instruments Directive (MiFID) or the Capital Requirements Directive (CRD). The common platform covers areas including compliance, business continuity, risk control, outsourcing and conflicts of interest. More details are available here.
Factsheet on mortgage fraud
We have issued a reminder to firms about their responsibilities to protect themselves against fraud and what measures they can put in place.
Need help on other issues? Try our small firms web pages dedicated to
mortgage advisers www.fsa.gov.uk/mortgage
Information for general insurance brokers
Insurance directors banned for failing to comply with client money rules
We banned two directors of an insurance broker for failing to ensure their firm complied with FSA client money rules.
Review of insurance comparison websites
Our second review this year of insurance comparison websites found that many sites have made significant improvements and are consistently providing clear, fair and not misleading information, but some firms need to go further to address a few specific concerns.
Lancashire broker banned for failing to insure consumers
We banned Lancashire broker Neil McKay after finding he cancelled contracts of insurance without customers' knowledge or approval and failed to pass premium payments taken from customers on to other intermediaries or insurers as required.
Need help on other issues? Try our small firms web pages dedicated to
general insurance brokers
Training and events
Training courses available
We currently offer web-based training on many areas such as MiFID, financial crime and client money. We also offer day and half-day tailored in-house training course. For further details on our courses visit our website
Why are you getting this email?
We have reduced the amount of email and paper we send to small firms. As a small firm this is the only regular item of correspondence we will send you, unless you ask to hear about FSA training and events. Anything else we send will be something we expect your firm to act on.
Do you want this email to go to a different address?
This is the email address your firm has given to the FSA for publications. If it has changed then you need to update your standing data |
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