Newsletter - September 2010
ONA Reporting
A reminder to register
The Assessment and Redress of Payment Protection Insurance Complaints
The FSA has published a package of measures to ensure PII complaints are handled properly and redressed fairly
SFO Calls for New Centralised Fraud Data Base
The Serious Fraud Office said the UK urgently needs a new centralised fraud database to combat rising financial crimes as the current FSA-run register is "clearly not working"
FSA Abandon Approved Persons Application Timescales
Firms applying to the FSA for Approved Person's authorisations should be aware of changes to the published times. Out go the previous four business days and seven business days respectively
Retail Distribution Review - Qualifications and Fees
Research from Legal & General shows that although advisers are focussed on the new RDR qualifications regime, concerns still remain high in the move from commission based income
MEP Hits Out at RDR Plans
MEP Godfrey Bloom has attacked the FSA for forcing advisers to requalify as part of the retail distribution review, saying the resulting exodus of IFAs will mean many customers will be left "abandoned" without access to advice
Garrison Finance Centre Censured for GTEP Advice Failings
The Garrison Finance Centre Limited (Garrison) has been publicly censured by the FSA for failing to clearly communicate the risks of complex investment products - geared traded endowment policies (GTEPs) - to their customers
FSA Prohibition List
Readers are reminded that the individual prohibition list is available on the FSA website. Currently standing at around 230 individuals
Insurance: Five More Banned and Fined by FSA
We have taken the unusual step of covering this matter in detail because we feel that it ties in well with our later article "Discovery Day" It is indeed plain reading that some individuals failed to understand their regulated role
Financial Services Act - New Powers for the FSA
New rules and guidance came into force earlier in September 2010 to introduce some of the powers given to the FSA in the Financial Services Act 2010
Remuneration Code Consultation
If you are a Capital Adequacy Directive investment firm (this is mostly asset managers) then you may be affected by the proposed extension of the FSA Remuneration Code
DP10/14: The Prudential Regime for Trading Activities - A Fundamental Review
This paper focuses on the prudential requirements for banks and investment firms that engage in trading activities. However, many parts of this DP will be of general interest in the financial services industry, including for policy makers and supervisors in other countries. There are also implications for consumers
Royal Bank of Scotland Group Fined £5.6m for UK Sanctions Controls Failings
Royal Bank of Scotland Group (RBSG) has been fined £5.6m for failing to have adequate systems and controls
Government Proposals to Reform the UK's Financial Regulatory Framework
On 26 July the Government published its consultation proposals for reforming regulatory structures in the UK
FSA Outlines a Fundamental Review of Trading Activity Regulation
The Financial Services Authority (FSA) has today published a discussion paper (DP) that considers fundamental changes to the regulation of trading activities
FSA Fines Societe Generale £1.575m for Failures in Transaction Reporting
The Financial Services Authority (FSA) has fined the London branch of Societe Generale
FSA Fines Zurich Insurance £2.275m Following the Loss of 46,000 Policy Holders' Personal Details
The Financial Services Authority (FSA) has fined the UK branch of Zurich Insurance Plc (Zurich UK) £2,275,000 for failing to have adequate systems and controls
Insurance: We Invite You to Have a 'Discovery Day'
As it doggedly pursues the insurance sector the FSA has imposed a staggering half a million pounds in fines on individuals and banned 14 since the beginning of the year. These cases do not always make the headlines but is testimony to the FSA's determination to rid the industry of those who pose a risk to customers
The FSA do not Always Get it Right
A debt collection agency hired by the FSA to collect unpaid fees has been criticised by the Complaints Commissioner for "hectoring" an advisory business
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