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  • FSA: The FCA’s role under the Electronic Money Regulations 2011 - our approach

    18/01/2013
    FSA has published a draft marked-up updated version of its 2011 paper, amended to reflect the changeover to FCA in April... 2013 and to provide clarification on spent convictions; the definition of a head office; when FCA may cancel the authorisation or registration of electronic money institutions; passporting processes; the application of the conduct of business rules to distributors and the SEPA legislation; the process for submitting reporting returns and the fees applicable to e-money issuers.
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  • FSA: PS13/1: Removing the simplified ILAS BIPRU firm automatic scalar and other minor changes to BIPRU 12

    18/01/2013
    In CP12/31, FSA consulted on three different areas of liquidity policy: the simplified ILAS BIPRU firm automatic scalar, the BIPRU 12.7... liquid assets buffer eligibility restrictions and the SUP 16 annex 25 reporting guidance. It received two responses which supported the proposals and is now going ahead with rule changes without amendment to the CP text. The rule additions and amendments will be implemented through Handbook Notice 126 and in force from 21 January 2013.
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  • TSC: Appointment of John Griffith-Jones as Chair-designate of the Financial Conduct Authority

    18/01/2013
    TSC’s report considers on the appointment of John Griffith-Jones as chairman of FCA, saying “what is needed from him is to... make the FCA radically different from its predecessor in at least four respects”. These concern the restoration of the regulator’s credibility; ensuring that the new board will demonstrate stronger strategic leadership than FSA’s has done; the management of FCA’s objectives (with an emphasis on the competition objective (“we will expect the FCA to demonstrate that it is doing everything it can to make the authorisation of would-be new entrants to the banking sector as fast and straightforward as possible”) and governance. TSC notes that it will engage in a more demanding oversight role of governance at FCA.
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  • FSA: PS13/1: Removing the simplified ILAS BIPRU firm automatic scalar and other minor changes to BIPRU 12

    18/01/2013
    In CP12/31, FSA consulted on three different areas of liquidity policy: the simplified ILAS BIPRU firm automatic scalar, the BIPRU 12.7... liquid assets buffer eligibility restrictions and the SUP 16 annex 25 reporting guidance. It received two responses which supported the proposals and is now going ahead with rule changes without amendment to the CP text. The rule additions and amendments will be implemented through Handbook Notice 126 and in force from 21 January 2013.
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  • HoL: Written ministerial statement on IMD 2 and KIDs

    17/01/2013
    Hansard has published the text of a written ministerial statement with regard to IMD 2 and KIDs which states that the... Government have opted in to the EC’s proposals, noting that both sets of proposals currently include provisions on alternative dispute resolution which impose requirements on the UK's civil justice system, in terms of the operation of limitation periods and the availability of interim remedies. On this basis, the Government considers that the Justice and Home Affairs opt-in protocol applies and that the UK can therefore choose whether to opt in.
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  • FSA: Regulatory fees and levies – 2013/2014 – request for fee tariff data

    17/01/2013
    The text of this “Dear Compliance Officer” has been published. It notes that on 1 April 2013 FSA will change... its name to FCA and that it will raise and collect fees and levies on behalf of FCA, PRA, MAS, FOS and FSCS. It is requesting fee tariff data to be returned by 28 February 2013 and includes a FAQ section.
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  • OFT: Defined contribution workplace pension schemes

    17/01/2013
    OFT has launched a market study to examine whether defined contribution workplace pension schemes are set up to deliver the best... value for money for savers. It will look at the following: how pension providers compete with one another and how the market may develop over time. whether there is sufficient pressure on pension providers to keep charges low, and the extent to which information about charges is made available to savers; whether smaller firms face difficulties in making pension decisions in the interests of their employees .whether smaller firms receive appropriate help and advice in setting up and maintaining workplace pension schemes and will consider barriers to switching between schemes and a potential lack of ongoing employer engagement in setting up and managing pensions. It is noted that OFT will work closely with DWP, the Pensions Regulator, FSA and others during the course of its study. It will also seek input from other key players including NAPF, ABI insurers, pension providers, trade bodies and those that represent employers and employees. OFT plans to complete the study by August 2013.
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  • SFO: Banks defrauded in £100 million bridging loan facility

    17/01/2013
    SFO notes that Waheed Luqman, a director of a sub-prime loan company, has been found guilty of fraud and false accounting... in his absence. He was reported to have deceived banks that provided a financing arrangement for the purchase and development of properties. He was found guilty of fraud and false accounting by a jury at Manchester Crown Court yesterday, 16 January. The sentences were 7 ½ years' for conspiracy to defraud and 4 ½ years for each of the two counts of conspiracy to falsely account. All three sentences are concurrent. He was also disqualified from acting as a company director for 15 years and has been ordered to pay costs to SFO of £250,000. An alleged accomplice, charged with money laundering offences, was acquitted.
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  • SFO: Defrauding of banks in property financing deals

    17/01/2013
    SFO has published two press releases with regard to the conviction and sentencing of Achilleas Kallakis and Alexander Williams. The... first of these gives an outline of the case, which involved conspiracy to defraud Allied Irish Banks and Bank of Scotland between 2003 and 2008 in which they used forged or false documents to obtain substantial loans. The second reports that the individuals have been sentenced to seven years' and five years' imprisonment respectively and have been disqualified from acting as company directors for six years. Confiscation hearings will take place at a later date.
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