2nd June 2011
Compliancy Services: June 2011 Newsletter
New Regulator to Get Stronger Powers Over the Banks
Hector Sants says the new regulator, the Prudential Regulation Authority (PRA) will be given new powers to withhold future bonus and dividend payments by UK banks and should be allowed to make public it's investigations into banking failures...
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First Time Buyers Fear They Will Never Own a Home
Nearly two-thirds of 20-45 year olds, believe they will never get on the housing ladder, according to a recent survey by Halifax...
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FSA New Complaints Handling Rules
The FSA has confirmed new complaints handling rules as part of a package of measures to drive up standards within the industry...
EU Banks Get a Break - Basel III
Banks in the European Union may get a break from tighter Basel III capital requirements, according to draft legislation implementing the global standards, the Financial Times has reported...
Client Assets Sourcebook
In Oct 2010, the FSA introduced a requirement for all CASS medium and large firms to allocate a person with the controlled function of CF10a; this is the new CASS operational oversight function. The application process is now open...
Mortgage Rescue Scheme - "Wrong Call"
The Mortgage Rescue Scheme was launched by the government in 2008 with the aim of preventing people losing their homes in England. However the NAO has found the scheme to be operating below target and above budget...
Serious Fraud Office (SFO) Calls for Higher Salaries
The Head of the SFO wants to raise salaries by 50% to put his staff on a par with the FSA, ina bid to stem a flow of departures and attract high-calibre recruits from private practice...
ICO Consults on its New Information Rights Strategy
A new Information Rights Strategy is being introduced in the light of the ICO's commitment to integrate their data protection and freedom of information activities wherever they can...
OFT Announces Next Steps in Market Audit
The OFT has provisionally decided that there are competition problems in the audit market that pass the statutory test for referral to the Competition Commission...
FSA Fines Bank of Scotland £3.5m for Complaint Mishandling
The FSA has fined Bank of Scotland £3.5m and is forcing it to pay £17m in compensation...
FOS sees Drop in Mortgage Complaints
FOS saw a fall in mortgage-related complaints last year...
FSA Investigating Mortgage Network
The FSA has revealed it is investigating a network for having poor complaince practices...
Derivatives Legislation Moves Nearer in Europe - US Backs Off
The European Parliament's economic affairs committee has given it's backing to legislation that will see more derivative trades settled through clearing houses...
Investors Need More Information on Hedge Fund Risks - ESMA
Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), said investors need information to better assess the risk profile of a hedge fund...
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Housing's Role in the UK Economy - MMR Does Not Go far Enough
The housing market is especially vulnerable to bubbles, says the Institute of Public Policy Research in a new report...
Pension Reform - FSA
The FSA have published their Policy Statement - Pension Reform - Conduct of Business...
PS11/07: FSA Consolidated Policy Statement
This consolidated Policy Statement (PS) summarises the FSA's policy with regard to their fee-raising powers under the Financial Services and Markets Act 2000...
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