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FSA Regulatory Updates

The FSA are continually updating and changing rules. We will keep you updated with any new rules that are relevant to your business, when they will be coming into effect along with any other responsibilities you may need to implement.

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RU10/17 - The Financial Services Authority (FSA) has made usage of the ONA system Mandatory from 4th October 2010.
Date: 06.09.2010

RU10/16 - There have been serious concerns about the mis-selling of Payment Protection Insurance for a good number of years. In this issue we look at the Financial Services Authority (FSA’s) most recent article confirming the measures it is putting in place to protect customers in this industry.
Date: 01.09.2010

RU10/15 - The Financial Services Authority (FSA) has launched a new system entitled Online Notifications and Applications (ONA).
Date: 18.08.2010

RU10/14 - The Financial Services Authority (FSA) recently fined a firm £10,500 for failing to properly supervise its Appointed Representative’s (ARs). Where a firm looks to take on an AR the firm must take full responsibility in ensuring they are fit and proper and act in accordance with the FSA requirements.
Date: 04.08.2010

RU10/13 - Since the announcement of the abolition of the Financial Services Authority and the creation of the Consumer Protection and Markets Authority there has been speculation over the FSA’s role in reducing financial crime.
Date: 22.07.2010

RU10/12 - The Financial Services Authority replaced the Insurance Conduct of Business (ICOB) Sourcebook with ICOBS in 2008 and up until now has reviewed its effectiveness to establish whether any further changes are required. The FSA have now published their findings which are based on three main areas.
Date: 09.07.2010

RU10/11 - Over the past couple of years the Financial Services Authority have been carrying out a review on how small firms can reduce financial crime within the business. In this article we focus on this area and provide guidance that firms should adopt.
Date: 10.06.2010

RU10/10 - The Financial Services Authority (FSA) recently announced the tough action being taken against five banks after finding weaknesses with the way they handle complaints. Two of which, are being referred to enforcement for further investigation.
Date: 02.06.2010

RU10/09 - From the early part of June 2007 the FSA scrapped the age 70 and term conditions which meant brokers who are not authorised for investments but are authorised to carry out Non-Investment Insurance could offer long term insurance policies.
Date: 20.05.2010

RU10/08 - Within our last newsletter we focused on the two main aims that the Financial Services Authority (FSA) is consulting on as part of the Mortgage Market Review being carried out. The main aims have resulted in 33 questions being raised which the FSA…
Date: 23.04.2010

RU10/07 - The Financial Services Authority (FSA) has recently published a Discussion Paper, which highlights the responses they have received following the Consultation Paper released in October 2009 relating to the Mortgage Market Review…
Date: 15.04.2010

RU10/06 - From the 6th April 2010, firms reporting 500 or more complaints within a six month period will be required to publish a summary of their complaints data. Although this may not be relevant to your firm directly, it is worth knowing what will be required of those that do and how they will need to publicise this fact.
Date: 23.03.2010

RU10/05 - The Financial Services Authority (FSA) recently reported their concern regarding firms who handle client money and assets. This became evident after carrying out a range of visits on firms which highlighted a number of failings and weaknesses. In this article, we summarise these concerns so that firms can evaluate their own processes to ensure they are compliant and can meet the FSA requirements.
Date: 11.03.2010

RU10/04 - We are often asked a variety questions relating to the Financial Services Authority reporting system GABRIEL. Typically the most common theme is around what data needs to be reported on and when by. Unfortunately each section of the return differs, a few relate to information over a six month period whilst others require information at the last reporting date.
Date: 05.03.2010

RU10/03 - The Financial Services Authority (FSA) recently revoked a Mortgage Brokers licence following an investigation which uncovered that they had placed 300 customers at risk after receiving unsuitable advice. One of the reasons for the decision followed a review of files. The files contained inadequate affordability assessments with one customer being recommended a mortgage contract which exceeded his net income and others that were potentially unaffordable as they extended into the customers retirement.
Date: 19.02.2010

RU10/02 - The Financial Services Authority recently released their final rules relating to Sale and Rent Back regulation. In this article, we look at the authorisation process so that firms can start to apply for full authorisation.
Date: 11.02.2010

RU10/01 - It is vital for any successful firm to advertise, however all adverts must also be compliant with the Financial Services Authority rules. During our compliance visits we have recognised that directly regulated firms who have taken on Appointed Representatives in order to grow their business in this economic climate are unaware that...
Date: 07.01.2010

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