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  • FSA: “Dear CEO” letter: Review of outsourcing arrangements in the asset management sector

    11/12/2012
    The letter notes that FSA is assessing the risk to its objectives arising from asset management firms outsourcing operational activities to... external service providers. Discussions and research undertaken by FSA have identified that the asset management industry outsources a growing number of activities, and that the small number of outsource providers are usually part of complex international banking groups. At group level, these organisations will have balance sheet exposure to activities other than the provision of outsourcing activities. FSA’s concern is that if an outsource provider were to face financial distress or severe operational disruption, UK asset managers would not be able to perform critical and important regulated activities, thereby causing detriment to customers. FSA states that it is not confident that across the industry, effective recovery and resolution plans are in place for the asset management sector as a whole and raises several specific concerns. It is asking firms to review their current contingency plans taking into account the observations in this letter to ensure compliance with their obligations under SYSC 8.
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  • FSB: Progress note on the Global LEI Initiative

    11/12/2012
    FSB has published its fourth progress note on the above.
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  • FSB: Third meeting of FSB’s Regional Consultative Group for the Americas

    11/12/2012
    The meeting took place on 10 December 2012 in Bermuda and this short note reports that matters under discussion included Legal... Entity Identifier, shadow banking and the implementation of Basel III.
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  • HMRC: Impact of ruling by Court of Justice of the European Union on drawdown pensions

    11/12/2012
    This is a tax information and impact note for The Registered Pension Schemes (Relevant Annuities) (Amendment) Regulations 2012/2940.
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  • HMT: Northern Rock Asset Management

    11/12/2012
    HMT has published the text of a written ministerial statement by which Sajid Javid notified Parliament that certain Consumer Credit Act... regulated loans in the Northern Rock Asset Management portfolio had been identified where the loan documentation was not compliant with CCA requirements. UK Asset Resolution has undertaken an internal investigation and has consulted with legal counsel, FSA, OFT, UKFI and HMT. Following this, the UKAR Board has recommended making proactive restitution to affected Northern Rock Asset Management customers in receipt of non-compliant statements and default notices relating to CCA-regulated loans. UK Asset Resolution will issue the corrected documentation and take steps to remediate interest and other charges to affected customers. Where redress is required, this will be made by correcting a customer's account balance to reverse the consequences of them being charged any interest over the period in which the documentation is non-compliant. UK Asset Resolution will contact potentially affected customers in writing with further information. Northern Rock will be writing to all existing customers in the next few days. It is also noted that the UK Asset Resolution board has asked Deloitte to conduct an independent enquiry into the specific circumstances of the issue and to make recommendations on potential enhancements to the associated processes and controls
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  • IAIS: Multilateral MoU

    11/12/2012
    It has been announced that the insurance supervisor of Italy (Istituto per la Vigilanza sulle Assicurazioni Private e di Interesse Collettivo)... has joined the MMou..
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  • Parliamentary Commission on Banking Standards: Banking standards/Banking standards in Scotland

    11/12/2012
    PCBS has published the uncorrected evidence for the hearing on 4 December at which Lord Stevenson (former chairman of HBOS) gave... evidence and for the hearing on 3 December attended by representatives from Scottish business federations.
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  • SFO: LIBOR

    11/12/2012
    SFO, with the assistance of the City of London Police, have executed search warrants at three residential premises in Surrey and... Essex and arrested three men.  They have been taken to a London police station for interview in connection with the investigation into the manipulation of LIBOR. The item further notes that the men are all British nationals currently living in the UK.
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  • ECOFIN: Justice and Home Affairs meeting (6/7 December 2012)

    11/12/2012
    This note of the meeting notes that justice ministers agreed a general approach on a directive establishing minimum rules for criminal... sanctions for the most serious market abuse offences, namely insider dealing and market manipulation and a directive on the freezing and confiscation of proceeds of crime in the EU, aimed at making easier for national authorities to confiscate and recover the profits that criminals make from cross-border and organised crime.
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  • EC: Actions expected to be adopted in 2012

    10/12/2012
    The EC has published a revised version of this document in tabular format which sets out legislative and non-legislative proposals
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