|Quarterly Consultation Paper No.33Consultation Paper Ref: CP12/11
6th June 2012 107 pages
Topics include amendments:
Consultation details are set out individuality within each Chapter
|Independent and Restricted AdviceFinalised Guidance Ref: FG 12/16
6th June 2012 18 pages
This detailed guidance, consisting of two PDF documents, follows on from the final rules which were published in March 2010 in Policy Statement 10/6.
From 31 December 2012, firms providing advice on retail investment products to retail clients will need to describe these services as either ‘independent’ or ‘restricted’, and the FSA has also updated the rules that set out what is expected of a firm that describes its advice as being independent.
The finalised guidance paper includes a 16 page summary of common questions that have been raised by firms during the run-up to RDR.
|Product Projections, Transfer Value Analysis and Statutory Money Purchase IllustrationsConsultation Paper Ref:CP 12/10
31st May 2012 46 pages
This Consultation Paper (CP) is a joint consultation between the FSA and the Financial Reporting Council (FRC). As well as updating the assumptions to be used for non-MiFID product projections and transfer value analysis (TVA), the proposed changes are designed to make our rules for personal pensions more consistent with the FRC assumptions
Of interest to life assurers and personal pension providers, and to firms that advise on personal pensions, transfer value analysis software providers, and employee benefit consultancies.
The FSA is consulting on:
The FRC is consulting on possible changes to the assumptions used for Statutory Money Purchase Illustrations, to make them more consistent with the FSA assumptions in COBS (amended as proposed by the FSA in the fourth chapter of the CP).
Consultation period ends 29th June (Chapter 2) and 31st August (Chapters 3 and 4) Responses to Chapter 5 should be sent direct to the FRC
|FSA Fee-Raising Arrangements and Regulatory Fees and Levies 2012/13Policy Statement Ref: PS 12/11
29th May 2012 214 pages
Of interest to all authorised firms and other bodies that pay fees to us and levies to the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service (FOS) and the Money Advice Service, as well as potential applicants for FSA authorisation and listing by the UK Listing Authority.
Contains reports on the final 2012/13 FSA periodic fees, Financial Ombudsman Service (FOS) general levy and Money Advice Service levies consulted on in CP12/3; and also on the final policy changes consulted on in CP12/3.
Also includes feedback on CP12/3 and ‘made rules’
|Deposit Protection: Raising Consumer AwarenessPolicy Statement Ref: PS 12/10
28th May 2012 30 pages
Of interest to all deposit takers operating in the UK, including banks, building societies and credit unions.And also to consumers and consumer representative groups
Contains final rules arising from Consultation Paper 11/29 – ‘Deposit Protection: Raising Consumer Awareness’.
The FSA aims to ensure that consumers are aware of the protection their deposits with banks, building societies and credit unions will enjoy if the deposit taker fails, and to set out the limits of that protection.
To complement and strengthen existing compensation disclosure requirements aimed at raising consumer awareness, the FSA has strengthened the disclosure requirements. Specifically, it now requires deposit takers to prominently display stickers and posters in branches and on websites (in electronic form) explaining the compensation arrangements.
|UK Implementation of Amending Directive 2010/73/EU – Simplifying the EU Prospectus and Transparency DirectivesPolicy Statement Ref: PS 12/9
25th May 2012 56 pages
This PS summarises the responses received by HM Treasury and the FSA to CP11/28, which discussed the UK implementation of changes to the EU Prospectus and Transparency Directives.
The policy process needed to be implemented into national legislationby 1 July 2012; accordingly, the document contains the FSA’s ‘near-final’ rules.
Of interest to issuers and their professional advisers, and also to consumers and investors.
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