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  • FSA: Handbook Notice 122/Instruments

    27/07/2012
    On 26 July 2012, the FSA Board made changes to the Handbook in instruments which change the mortality basis that firms... must use for future annuity projections in personal pensions illustrations (Conduct of Business Sourcebook (Mortality Assumptions for Future Annuity Projections) Instrument 2012 /36)
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  • FSA: Board minutes

    27/07/2012
    FSA has published the summary board minutes for its meeting held on 26 April 2012. Topics include: future FCA/RDC decision... making; CEO and MDs’ reports on a variety of major topics (including “the results of the Pottage case and implications for the FSA pursuing other cases of individual misconduct, which were still seen as valid and appropriate subject to the quality of evidence available”); supervising UK life insurance groups; FSA international priorities: client asset distribution review and the Arch Cru consumer redress scheme (including concerns over PII).
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  • FSA: CP12/17**: Packaged bank accounts: new ICOBS rules for the sale of non-investment insurance contracts/feedback to CP11/20 including final rules and further consultation

    27/07/2012
    FSA has published new rules which will require banks and building societies to check whether customers are eligible to claim on... insurance cover before selling them a packaged bank account. From 31 March 2013, banks and building societies must: check whether the customer is eligible to claim under each policy and share that information with them; If the sales adviser is recommending policies in the package they must establish whether each policy is suitable for the customer and alert them if some are not, and provide customers with an annual eligibility statement setting out the requirements to claim each of the benefits under each insurance policy in the package which should prompt customers to check whether their circumstances have changed and whether the policies continue to meet their needs. FSA is also consulting on further issues including a proposal that annual eligibility statements should be sent to customers as a separate mailing to give them added prominence, and that banks and building societies should proactively tell customers who have triggered the age limit for claiming on the travel insurance element, or warn them if they will do so before the next statement is due. FSA notes that it intends to monitor is the promotion of packaged accounts where monthly costs are advertised alongside yearly benefit Responses to the consultation are required by 29 October 2012. Subject to the outcome of this consultation, FSA expects to issue a PS with final rules in December 2012.
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  • ESMA: Shadow banking

    27/07/2012
    ESMA has published its response to the EC’s Green Paper on shadow banking.
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  • EC: Nea Proton Bank

    27/07/2012
    The EC has temporarily approved, under EU state aid rules, €1.7 billion of public support granted in the context of the... resolution of Proton Bank. This is until it reaches a final decision on the restructuring plan of Nea Proton Bank, the new legal entity created by the operation. At the same time, the EC has opened an in-depth investigation to assess whether the measure is in line with EU state aid rules.
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  • EC: Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

    27/07/2012
    This has now been published in the Official Journal.
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  • EC: Alpha Bank/EFG Eurobank/Piraeus Bank/National Bank of Greece

    27/07/2012
    The EC has temporarily approved, under EU state aid rules, a bridge recapitalisation provided by the Hellenic Financial Stability Fund (HFSF)... in favour of Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece, for reasons of financial stability. At the same time, the EC has opened four in-depth investigations to examine whether the measure is in line with its rules on state aid for banks during the crisis.
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  • Parliamentary Commission on Banking Standards: Call for evidence

    27/07/2012
    Following its first formal meeting on 24 July 2012, the Commission published a call for evidence. The Commission has been... asked to report on proposals for legislative action no later than 18 December 2012 and on other matters as soon as possible thereafter and is therefore asking for responses as soon as possible, preferably by 24 August. It may publish further requests for evidence as its work evolves,
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  • Pensions Regulator: Financial support direction and insolvency

    27/07/2012
    The Pensions Regulator has published a statement on financial support directions and insolvency intended to help banking, insolvency and restructuring professionals... understand the regulator’s approach to its financial support direction (FSD) power in insolvency situations. It hopes to provide clarity and comfort to those concerned by the outcome of the 2011 Court of Appeal judgment regarding the position of FSD liabilities where an FSD is issued following an insolvency event.
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  • FSCS: Christmas Prepayment Association – consumer protection

    26/07/2012
    FSCS reports that CPA, the self-regulatory trade association for the Christmas savings industry, has strengthened its terms and conditions to maximise... the safety of their savers’ money. . Following an approach by FSCS in January 2012, CPA has amended its code of practice to ensure that customers’ payments are placed with an FSA-authorised institution and clearly identified against the relevant individual. This means that in the event of a bank failure FSCS will be able to return the money so it can be used to fulfil their order. The enhanced protection applies to schemes run by Country Christmas Savings Ltd, Family Christmas Savings Ltd, Park Christmas Savings Ltd, Flexesaver Ltd and Variety Christmas Club Ltd. Letters have now gone out to customers informing them of the changes. Banking deposits with the Post Office Christmas Savings Club, the sixth and final CPA member, are already covered by the Irish Deposit Guarantee Scheme
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