6^th June 2012   107 pages

Topics include amendments:

• To the advanced measurement approach (AMA), giving firms guidance on how to communicate AMA extensions and changes (Chapter 2);
• To the rules on the calculation of counterparty credit risk exposure values for financial derivatives, securities financing transactions and long settlement transactions in the Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU) (Chapter 3);
• To implement the latest review by the European Commission on amounts laid down in the Insurance and Reinsurance Directive (Chapter 4);
• To the Professional Firms sourcebook, removing a rule allowing authorised professional firms under five designated professional bodies to carry out non-mainstream regulated activity (NMRA) without being subject to rules from those bodies (Chapter 5);
• To give the FSA powers to consider applications to become recognised auction platforms (Chapter 6);
• To extend applications in Chapter 5 of the Listing Rules sourcebook (LR) and to modify the annual notification requirement for sponsors in LR 8 (Chapter 7);
• To the implementation date of Chapter 14.4 of the Conduct of Business sourcebook (COBS) and the insertion of a new Glossary definition (Chapter 8).

Consultation details are set out individuality within each Chapter

6^th 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.

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:

• Updating the mortality assumption to be used when illustrating a personal pension;
• Introducing a separate Consumer Prices Index (CPI) assumption for TVA when benefits under a defined benefit pension scheme are compared with the possible benefits under a personal pension scheme; and
• Changes to the investment return assumptions (projection rates) in the Conduct of Business sourcebook (COBS).

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 29^th June (Chapter 2) and 31^st August (Chapters 3 and 4) Responses to Chapter 5 should be sent direct to the FRC

29^th 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’

28^th 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.

25^th 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.