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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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RU07/28 - The Financial Services Authority recently announced that 25% of firms websites reviewed did not meet their standards and that a significant minority failed to present information in a way that was clear, fair and not misleading.
Date: 19.12.2007

RU07/27 - The Financial Services Authority (FSA) is consulting on regulating travel insurance sold with a holiday. It already regulates travel insurance sold on its own.
Date: 21.11.2007

RU07/26 - The Financial Services Authority (FSA) has been meeting with the Council of Mortgage Lenders (CML) and a representative group of Mortgage Lenders in order to combat financial crime and mortgage fraud.
Date: 16.11.2007

RU07/25 - It has been announced that the Financial Services Authority are piloting a campaign, known as ‘shadow shopping’, to assess the quality of mortgage advice given to customers. This is the first of its kind and is based around the FSA recruiting members of the public with genuine mortgage needs to carry out a survey and report back to them.
Date: 08.11.2007

RU07/24 - On 14th January 2008, you will not be able to include the value of goodwill when calculating your firm’s capital resources. Firms conducting insurance and/or mortgage activities will then have to meet their capital resources requirements after deducting goodwill.
Date: 02.11.2007

RU07/23 - With the spread of technology identity theft is on the rise which means better systems and controls need to be put in place to try and thwart it.
Date: 25.10.2007

RU07/22 - The Financial Services Authority fined a Mortgage Brokerage for poor financial promotions, inadequate sales processes and inappropriate systems and controls to manage its business.
Date: 25.09.2007

RU07/21 - The projects that are being carried out by the Financial Services Authority that are most relevant to the mortgage industry for 2007/2008 are: sub prime; self certification mortgages and affordability.
Date: 20.09.2007

RU07/20 - The Financial Services Authority has released a consumer publication on proving your identity, to help consumers understand why and what is required of them.
Date: 17.09.2007

RU07/19 - The Financial Services Authority (FSA) has confirmed that the Training & Competence Sourcebook will change from the 1st November 2007.
Date: 06.09.2007

RU07/18 - A recent review has been carried out to establish whether Mortgage Lenders have appropriate policies in place to comply with the Financial Services Authority’s responsible lending rules, when granting mortgages with terms running beyond retirement age.
Date: 10.08.2007

RU07/17 - The Financial Services Authority has identified areas of concern within firms Anti-Money Laundering Procedures since setting up a new Financial Crime & Intelligence Division.
Date: 02.08.2007

RU07/16 - The Financial Services Authority produced key rules on complaints handling which highlights the main problems and provides guidance on these areas. In this article we summarise these key points to assist you with ensuring that you are handling complaints compliantly in line with the FSA rules.
Date: 11.07.2007

R07/15 - From the 6th April 2008 the ISA limits will change.
Date: 03.07.2007

RU07/14 - The Financial Services Authority recently announced the removal of the Initial Disclosure Document from the 1st November 2007 but will this affect you?
Date: 19.06.2007

RU07/13 - The Financial Services Authority recently conducted a thematic study into the selling of general insurance products over the telephone to ensure they are treating their customers fairly.
Date: 07.06.2007

RU07/12 - There has been a lot of press and speculation over moving towards more principle-based regulation, in this article we look at the FSA’s eight propositions to set the ball rolling including what it is really all about.
Date: 25.05.2007

RU07/11 - The Financial Services Authority recently announced its work on the fairness and transparency of refunds to improve standards on the sale of Payment Protection within the market place.
Date: 17.05.2007

RU07/10 - The Financial Services Authority has produced some key rules to assist you when compiling your advert. Producing compliant financial promotions can be difficult and time consuming however this newsletter highlights the main problems and provides guidance on these areas.
Date: 03.05.2007

RU07/09 - Since the beginning of this year Payment Protection Insurance has received more than 120 articles containing over 28,000 words in our national press alone. The FSA’s interest in this subject continues due to the importance of this market.
Date: 18.04.2007

RU07/08 - The Financial Services Authority has launched a £2 million campaign, through radio, newspapers and websites to help consumers buying insurance.
Date: 27.03.2007

RU07/07 - The Financial Services Authority has recently announced their proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply to retail firms and business.
Date: 21.03.2007

RU07/06 - From the 1st January 2007 new regulations came into force under The Companies (Register, Languages and Trading Disclosures) Regulations 2006 relating to business stationery and websites.
Date: 08.03.2007

RU07/05 - Is your business secure? Have you looked at the firms risk recently? If not, then now is the time to assess the risks of managing personal information, undertake a review of your current systems and ensure that positive action is being taken to try and reduce risks.
Date: 26.02.2007

RU07/04 - During 2005 and 2006 the Financial Ombudsman Service commissioned two mystery shopping exercises and undertook two thematic projects to find out the quality of firms advising on Lifetime Mortgages.
Date: 19.02.2007

RU07/03 - The Financial Services Authority has recently warned insurance firms to stop using savings claims in its advertisements which could mislead customers or they will face regulatory action.
Date: 25.01.2007

RU07/02 - The Financial Services Authority has developed set of questions to help small firms adopt appropriate practices to mitigate money laundering and terrorist financing risks.
Date: 19.01.2007

RU07/01 - A number of firms with significant failings relating to mortgage advice have been referred to enforcement by the Financial Services Authority
Date: 11.01.2007

FSA Regulatory Updates

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