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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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RU09/29 - From the 1st January 2010, firms will need to amend their Initial Disclosure Documents (IDDs) to reflect the new Financial Services Compensation Scheme (FSCS) limits.
Date: 10.12.2009

RU09/28 - Advertising has always been a key part of the success of any business and in the current climate it is vital that firms continue to wave their flag so that customers know they exist. If you would like to produce an advertising campaign you may be interested to know that the FSA’s financial promotion rules do not apply to exempt adverts.
Date: 02.12.2009

RU09/27 - From the 1st November 2009 the Financial Services Authority began to regulate banks and building societies day to day contact with customers. This article looks at these changes, keeping you up to date with current legislation.
Date: 19.11.2009

RU09/26 - Recently, the FSA reinforced its intensive approach to approving and supervising senior personal performing significant influence functions (e.g. Director CF1, Chief Exec CF3, Partner CF4 etc). The article highlighted to firms their responsibility of ensuring candidates are assessed as fit and proper to carry out their roles through ensuring robust recruitment, referencing and due diligence processes are in place.
Date: 04.11.2009

RU09/25 - One of the main topics that is currently causing plenty of interest within the financial services industry is related to the Discussion Paper that the Financial Services Authority recently released which sets out its proposals for major reforms to the UK mortgage market. In this article we look at these proposals and how it could affect those that offer mortgage advice.
Date: 22.10.2009

RU09/24 - At Ecompli, we are constantly discussing procedures with firms that are recruiting advisers and we confirm what checks should be carried out during the process. In the current climate, recruitment should not be taken lightly and firms should take extra care that checks are carried out to ensure that the adviser is fit and proper for that role.
Date: 07.10.2009

RU09/23 - Firms must maintain sufficient capital resources at all times under Threshold Condition 4 within the Financial Services Authority Handbook. If you do not have enough funds to meet this requirement you risk losing the right to continue to carry out regulated business.
Date: 23.09.2009

RU09/22 - In the last few months the Financial Services Authority has fined firms a combined total of over £3 million for inadequate systems and controls relating to protecting customers confidential details from being lost or stolen.
Date: 17.09.2009

RU09/21 - Firms that advise and arrange Professional Indemnity Insurance (PII) on behalf of Personal Investment Firms should be aware of the FSA’s proposed changes so that they can update their customers accordingly.
Date: 03.09.2009

RU09/20 - It is important that information supplied to the Financial Services Authority within applications is fully disclosed, this includes applications to become an approved person. To reinforce this message the FSA have amended their Supervision Manual (SUP 10) to clearly reflect the consequences of non-disclosure.
Date: 20.08.2009

RU09/19 - The Financial Services Authority (FSA) has amended the Complaints Section within the Reporting Return. This means firms reporting on periods with an end date on or after 1st August 2009 will have to adhere to the new process.
Date: 12.08.2009

RU09/18 - The Financial Services Authority (FSA) recently published Consultation Paper CP09/21 proposing transparency on Complaints Data. This will enable people to see how firms handle complaints, including the number received, the main products and services covered and how quickly they are resolved.
Date: 07.08.2009

RU09/17 - The Financial Services Authority recently published their Policy Statement 09/09 which contains details of the Interim Regime relating to Sale and Rent Back Schemes. It also includes the amendments to the Handbook which sets out the rules so that firms can evaluate their own procedures and make any necessary alterations.
Date: 15.07.2009

RU09/16 - Firms considering carrying out Sale and Rent Back activities who are already authorised by the Financial Services Authority will need to submit a Variation of Permission (if they haven’t already done so), before the 1st August 2009.
Date: 23.06.2009

RU09/15 - The Financial Services Authority recently opened up a discussion relating to the key issues within the Mortgage Market. In this article we highlight the main topics discussed to ensure you are prepared and are kept up to date with these areas that the FSA are reviewing and are expected to further explore in their Discussion Paper in September 2009.
Date: 11.06.2009

RU09/14 - We often read Final Notices stating that the Financial Services Authority has cancelled a firm’s permission because they were unable to contact them. This is mainly due to firms failing to notify the FSA of a change of address, therefore the FSA have no means of communicating with the firm.
Date: 03.06.2009

RU09/13 - From the 1st January 2010, firms that are involved in the Insurance, Mortgage or Equity Release sectors will need to amend their Initial Disclosure Documents (IDDs) to reflect the new Financial Services Compensation Scheme (FSCS) limits.
Date: 14.05.2009

RU09/12 - The Financial Services Authority’s (FSA’s) view on disclosure of the total premium for General Insurance Contracts is deemed as a necessity so that customers can make an informed decision whether to proceed with the contract.
Date: 07.05.2009

RU09/11 - The Financial Services Authority recently wrote an article regarding a firm’s responsibility under Principle 10 when holding client assets and money. In this article we look at the main areas so that firms can ensure they are compliant with the rules.
Date: 21.04.2009

RU09/10 - The Financial Services Authority developed a set of questions to help small firms adopt appropriate practices to mitigate money laundering and terrorist financing risks.
Date: 08.04.2009

RU09/09 - One of the most common topics that we come across in the Mortgage Industry is related to self certification cases and how a firm should deal with such a case. In this article we highlight the main issues to enable you to evaluate your own procedures and to ensure that you meet the requirements.
Date: 20.03.2009

RU09/08 - With the increased level of data fraud you need to stop and think about the types of communications and promotions that you are sending to your customers. Are you taking appropriate steps to reduce the level of risk that your customers could face to ensure that they don’t become victims of identity fraud and other crimes?
Date: 11.03.2009

RU09/07 - Following a review carried out by the Office of Fair Trading, their main recommendation was to bring sale and rent back schemes under the regulation of the Financial Services Authority, which was accepted by the Government.
Date: 05.03.2009

RU09/06 - From 1st March 2009 firms who carry out insurance mediation activities will be subject to the new minimum indemnity limits set out in the PRU Sourcebooks.
Date: 20.02.2009

RU09/05 - The Financial Services Authority published a Policy Statement in March 2008 outlining the requirement for some firms to record telephone calls. The rules are due to come into force in March 2009 and subsequently we have started to receive enquiries from firms relating to this area.
Date: 11.02.2009

RU09/04 - The Financial Services Authority has recently published a Consultation Paper setting out their proposals for speeding up the payout of compensation.
Date: 05.02.2009

RU09/03 - The Financial Services Authority (FSA) has recently issued a factsheet based on the advice process when recommending a suitable mortgage. The factsheet is very informative and details specifically what the FSA are looking for from firms who advise on Mortgage Products. In this article we have highlighted some of the main areas of the factsheet so that you can evaluate how you advise your customers and ensure that you are meeting the FSA requirements.
Date: 21.01.2009

RU09/02 - Insurance Comparison Websites are becoming more commonly used to source competitive deals and as such have been under review by the Financial Services Authority. In this update we highlight the specific concerns that the FSA have found with comparison sites therefore Broker firms who advertise Insurance deals through a website may find this article useful.
Date: 15.01.2009

RU09/01 - The Financial Services Authority (FSA) continually carries out reviews on all regulated firms to assess the risks within their business operations. Following these reviews the FSA has identified five main risk areas within the mortgage sector which we have highlighted within this article so that you can evaluate them against your own business procedures.
Date: 07.01.2009

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