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  • FOS: Ombudsman News 105

    10/10/2012
    Topics include: latest complaints figures; case studies involving travel insurance and Natalie Ceeney on "compensation culture" (she argues: “many consumers have... been wronged already. Some of these people are now being exploited by companies offering to help them get their money back. To accuse people of ‘trying it on’ feels like another blow”).
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  • FSA: Complaints Commissioner: GE-L01439

    10/10/2012
    The complaint concerned the way in which FSA had handled fees paid following an Upper Tribunal referral. FSA had instructed... a debt collection firm to collect the fees which had already been paid. FSA subsequently offered £50 (later increased to £150) as compensation – the complainant firm believed it was entitled to £2,950 and also alleged that FSA had acted in bad faith. CC recommended that FSA pay £500, but did not uphold the allegation that it had acted in bad faith.
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  • IAIS: New signatories to IAIS multilateral MoU

    10/10/2012
    IAIS reports that the insurance supervisors of Liechtenstein and Washington State have joined the MMoU, adding that there are now 32... jurisdictions admitted as signatories, representing more than 48% of worldwide premium volume.
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  • Parliamentary Commission on Banking Standards: Transcripts

    10/10/2012
    PCBS has published corrected transcripts of the hearings attended by Sir David Walker on 12 September 2012 and the panel hearing... on consumer and SME experience of banks which took place on 26 September 2012. 
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  • The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012/2554

    10/10/2012
    These Regulations implement certain Articles of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March... 2012 on short selling and certain aspects of credit default swaps (OJ no L 86, 24.3.2012, p1) (“the Short Selling Regulation”). Regulation 2(2) repeals ss 131B to 131D of FSMA which give FSA power to make short selling rules; this power is superseded by the Short Selling Regulation. Regulation 7 contains a related saving provision. Article 32 of the Short Selling Regulation (designation of competent authorities) is implemented by regulation 4, which designates FSA as the competent authority for the purposes of the Short Selling Regulation. Article 33 of the Short Selling Regulation (powers of competent authorities) is partially implemented as follows. Regulation 2(3) and (4) amends ss131E and 131F FSMA to give FSA power to require information and documents which it reasonably requires for the purpose of the exercise by it of functions under the Short Selling Regulation. Regulation 2(5) makes provision for on-site inspections by means of a compulsory power of entry under warrant where an authorised person has failed to comply with a requirement for information imposed under s131E or 131F FSMA. Regulation 2(11) applies s168 FSMA (appointment of persons to carry out investigations) in relation to suspected or actual contraventions of the Short Selling Regulation. Regulation 2(12) extends s380 FSMA to make FSA’’s power to apply to the court for an injunction available in relation to an actual or likely breach of the Short Selling Regulation. Regulation 2(13) extends s382 FSMA to give the court power to make a restitution order in respect of breaches of the short selling regulation. Article 37 of the Short Selling Regulation (cooperation in the case of a request for an on-site inspection or an investigation) is partially implemented by regulation 2(3) which makes provision for FSA to exercise its powers to require information at the request of the competent authority of an EEA State or ESMA. Regulation 2(5) makes provision for FSA to appoint an investigator and to apply for a warrant for entry of premises at the request of the competent authority of an EEA State. Articles 38 and 40 of the Short Selling Regulation are partially implemented by regulation 3 which amends the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001/2188) to give effect to the restrictions in those Articles on the disclosure of information to the competent authorities of non-EEA states. The requirement to establish rules on penalties and administrative measures in Article 41 of the Short Selling Regulation is implemented by regulation 2(7) which applies FSA’s power in s131G FSMA to impose penalties or publish a statement censuring a person in relation to breaches of the Short Selling Regulation, and regulation 2(8) which makes criminal penalties available for a failure by an authorised person to comply with information requirements imposed under s131E or 131F FSMA. The Regulations also contain provision about notifications and applications to FSA under the Short Selling Regulation and make consequential amendments to FSMA. (Date in force: 1/11/12)
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  • EC: Commission Implementing Decision of 5 October 2012 on the recognition of the legal and supervisory framework of Australia as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating

    10/10/2012
    This has now been published in the Official Journal.
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  • EC: Commission Implementing Decision of 5 October 2012 on the recognition of the legal and supervisory framework of the United States of America as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies

    10/10/2012
    This has now been published in the Official Journal.
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  • FSA: FSA’s role under the Payment Services Regulations 2009 – our approach

    10/10/2012
    FSA has published a new draft of the approach document dated October 2012. This incorporates the changes made in response... to the feedback received to an April 2012 consultation on proposed clarification of FSA’s approach to the authorisation and registration requirements, financial crime controls, passporting processes and some conduct of business requirements. A link on page 4 of the document goes to a webpage which provides links to a tracked changes version as wall as a document showing changes from the previous version in tabular format.
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  • EC: Council meeting (9 October 2012)

    09/10/2012
    The Council was informed that 11 member states had either already submitted requests to the EC for a proposal to introduce... a financial transaction tax via enhanced cooperation (Belgium, Germany, Greece, France, Austria, Portugal and Slovenia), or were planning to do so shortly (Estonia, Spain, Italy and Slovakia), concluding that it is up to the EC to consider submission of a proposal for a Council decision authorising enhanced cooperation (see second link for EC comment). With regard to CRD4, it is noted that the Council has confirmed its intention to reach a political agreement on the package before the end of the year, but a number of issues have yet to be resolved in the negotiations with the European Parliament.
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  • EC: Proposal for a Directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation (MAD)

    09/10/2012
    A new marked-up Presidency compromise dated 5 October 2012 has been published. This takes into account amendments arising from meetings... held in July 2012 and is to be discussed at a meeting of the Friends of the Presidency on 12 October 2012.
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