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  • FSA: CP12/19: restrictions on the retail distribution of unregulated collective investment schemes and close substitutes

    13/02/2013
    FSA has published a letter dated 11 February from David Geale, Head of Investment Policy, with regard to the above mentioned... CP, comments for which closed in November 2012.. He notes that FCA now aims to publish a PS in late April and, will give sufficient time for firms to implement any new rules (for substantial rule changes this is usually one year). The letter goes on to set out FSA’s current thinking on a number of questions put to it during the consultation period. Following feedback, FSA is considering amending its proposals to exclude venture capital trusts, REITs, exchange traded products and overseas investment companies that would meet criteria for investment trust status if based in the UK from the scope of the new marketing restriction. It is also considering issues with regard to enterprise investment scheme funds and seed enterprise investment scheme funds. It is also looking at proposals on how firms can market to high-net worth or sophisticated retail investors. It is emphasised that these considerations will only be confirmed when FCA’s board considers them in April, but FSA will be contacting key stakeholders to discuss any changes to the new rules in more detail over the next couple of months.
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  • FSA: Digital Satellite Warranty Cover/Satellite Services

    13/02/2013
    In this press release, FSA reports that the Supreme Court has unanimously dismissed appeals by Digital Satellite Warranty Cover (DSWC), and... Bernard Freeman and Michael Sullivan, trading as Satellite Services (Satellite) (both are now in liquidation). FSA had previously secured winding up orders from the High Court against DSWC and Satellite on 31 January 2011 on the basis that the firms were offering consumers extended warranty cover for satellite TV equipment, which amounted to contracts of insurance, without FSA authorisation. DSWC and Satellite’s subsequent appeals against the High Court’s ruling were dismissed by CoA in November 2011. On 28 March 2012 the Supreme Court granted permission to appeal and these were heard in December 2012. The ruling marks the end of the firms’ challenge to FSA. FSA highlights that the cover provided by the firms involved the repair or replacement of equipment in the event of breakdown, malfunction or physical damage, but the Supreme Court and High Court ruled that the extended warranties amounted to contracts of insurance.
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  • IAIS: Corporate and risk governance

    13/02/2013
    IAIS has launched a self-assessment and peer review covering the insurance core principles relating to licensing, suitability of persons, corporate governance,... and risk management and internal controls. All IAIS members are encouraged to participate in this exercise.
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  • Parliamentary Commission on Banking Standards: Banking standards

    13/02/2013
    PCBS has published the corrected evidence of hearings attended by former and current RBS execs. The hearings discuss the LIBOR... investigation in some detail, including its implications for bonuses at the bank
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  • The Child Trust Funds (Amendment) Regulations 2013/263

    13/02/2013
    These Regulations amend the Child Trust Funds Regulations 2004/1450 (“the Regulations”). Regulation 2(2), which comes into force on 6/4/13, amends... the Regulations by increasing the annual subscription limit in regulations 9(2) and 9(3) of the Regulations from £3,600 to £3,720 for a child trust fund account. Regulation 2(3), which comes into force on 16/3/13 amends the Regulations by removing the requirement for account providers to submit a fortnightly claim and financial return under regulation 30 of those Regulations in respect of periods beginning on or after 16/3/13.
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  • The Individual Savings Account (Amendment) Regulations 2013/267

    13/02/2013
    These Regulations amend the Individual Savings Account Regulations 1998(a) (“the ISA Regulations”) by increasing the overall annual subscription limits for ISA... accounts, including junior ISA accounts. Regulation 2(2)(a) increases the overall annual subscription limit in regulation 4ZA(1)(a) of the ISA Regulations from £5,640 to £5,760 for ISA accounts held by qualifying individuals aged 16 or over but less than 18. Regulation 2(2)(b) increases the overall annual subscription limit in regulation 4ZA(1)(b) of the ISA Regulations from £11,280 to £11,520 for ISA accounts held by all other qualifying individuals. Regulation 2(3) increases the overall annual subscription limit in regulation 4ZB(1) of the ISA Regulations from £3,600 to £3,720 for a junior ISA account (Date in force: 6/4/13).
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  • TSC: Appointment of Mark Carney

    13/02/2013
    TSC has published the uncorrected transcript of its hearing with Mark Carney which took place on 7 February 2013. Topics... include: insurance regulation; banking supervision and FPC/FCA/PRA.
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  • EIOPA: Interim Solvency II measures

    13/02/2013
    EIOPA has published the text of an interview with Carlos Montalvo, Executive Director of EIOPA, for Reactions magazine in which he... discusses the above.
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  • FSA: RDR Newsletter Issue 9

    13/02/2013
    This is described as the last RDR newsletter. Topics include: passive investments; social investments; RDR data requirements; supervising compliance with... RDR; receiving adviser charges over a period of time; adviser readiness research; reviewing systems and controls and questions on RDR.
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