Compliance News - 16 September 2011
CC:ME WEEK ENDED 16 SEPTEMBER 2011
This proposed guidance relates to the following rule(s) in the FSA Handbook
· COBS 9: Suitability
· COBS 6.1A: Adviser charging
· COBS 6.2A: Describing advice services
· Training and Competence Sourcebook
· Several of the Principles for Businesses
This guidance is likely to be of most relevance to:
Firms who wish to offer a simplified advice service, and trade associations who are working with their members in this area.
Background to this consultation:
Some firms and trade associations have been designing and piloting simplified advice processes, and have talked to the FSA about the issues they have faced. To assist the industry in their wish to offer simplified advice services, this guidance consultation paper provides additional guidance on certain aspects of the regulatory regime.
Summary of key issues
This paper provides additional guidance on suitability, adviser charging and service disclosure. It also contains general guidance on professional standards, designing and delivering a simplified advice process, and choosing an appropriate product suite.
Source: Financial Services Authority
This Release contains pages to be inserted into your paper version of the Handbook in order to bring it up to date. These pages incorporate the changes made on a particular date, as described in the relevant Handbook Notice. Contents include updates to the following sourcebooks:
• BIPRU
• DISP
• Glossary
• SUP
Source: Financial Services Authority
FSA has issued its 15th newsletter on 12 September 2011
Source: Financial Services Authority
The Financial Services Authority invites comments on this Consultation Paper. Comments on Chapters 3 and 9 of this CP should reach the FSA by 6 October 2011 and comments on Chapter 2 of this CP should reach them by 20 October 2011. Comments on all other chapters should be submitted by 6 November 2011.
Source: Financial Services Authority
FSA has published its latest newsletter on Market Conduct and Transaction Reporting Issues.
Topics covered in the Newsletter include:
- Turquoise Derivatives operates as a Multilateral Trading Facility (MTF) – consequences for transaction reporting
- Finalised guidance for reporting transactions in derivatives conducted through clearing platforms of derivative markets (ISIN or Aii)
- Proposed new guidance for firms reporting derivative transactions conducted through clearing platforms of derivative markets where the reference data for those transactions is not made available to the FSA and ARMs
- Finalised guidance for transaction reporting of transactions in Chi-X centrally cleared contracts for difference Strike price – reminder to use major rather than minor currencies
- Changes to data extracts
- Change in validation of the instrument type field – reminder and notification of effective date
Source: Financial Services Authority
This autumn, the government is expected to publish its housing strategy, against the backdrop of a prediction that the proportion of home-owners is set to fall for another decade. Today, the CML set out their views on what housing policy might set out to achieve.
Source: Council of Mortgage Lenders
