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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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  • HoL: Financial Services Bill

    26/07/2012
    A further sitting of the Committee stage was held on 25 July. Amendments discussed covered clause 5 of the Bill. ... The Hansard transcription follows. Committee stage continues on 8 October when further amendments will be discussed
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  • Law Societies Joint Brussels Office: Company law and financial services (July 2012)

    26/07/2012
    This details the current status of various relevant Directives and European-level proposals
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  • BIS: Basel III counterparty credit risk: FAQs

    26/07/2012
    BIS has published a revised version of its FAQs relating to counterparty credit risk, including the default counterparty credit risk charge,... the credit valuation adjustment capital charge and asset value correlations. FAQs that have been added since the publication of the first version of this document in November 2011 are shaded yellow.
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  • EC: UNNIM Banc SAU/BBVA

    25/07/2012
    The EC has concluded that restructuring aid granted by Spain to UNNIM Banc SAU (UNNIM) in the context of the sale... of its banking activities to Banco Bilbao Vizcaya Argentaria (BBVA) is in line with EU state aid rules.
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  • CFA/CCTA/BCCA/FLA: Payday and short-term loans

    25/07/2012
    These trading associations have agreed to a number of new consumer protections for customers taking out a payday or short-term loan.... The addendum sets out the enhanced consumer protections for payday and short-term loan customers and sits within or alongside the trade associations’ existing codes of practice. The new standards in this addendum will be implemented by 26 November 2012. The good practice customer charter is for customers who have or who are considering applying for a payday or short-term loan with a lender who is a member of the above-mentioned associations and will also be implemented by 26 November 2012
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  • CP12/14**: Tracing employers’ liability insurers – historical policies

    25/07/2012
    The proposals in the CP require all firms who may have actual or potential liability for UK commercial lines employers’ liability... (EL) insurance claims to take reasonable steps to conduct effective searches of their records for historical EL policies (a historical policy is defined as a UK commercial lines employers’ liability insurance policy or other evidence of cover issued or renewed before 1 April 2011) when they receive a request from a consumer, their representative or other third party (including a qualifying tracing office). It proposes that firms must put in place and operate in accordance with a tracing policy. FSA also proposes that firms must respond to all enquiries within one month unless the request is from a qualifying tracing office and no evidence of a historical policy is found and also sets out what the responses should say to the requester. The requirements will apply to the same firms that the original requirements apply to (both UK-authorised firms - including UK branches of non-EEA insurers authorised in the UK - and EEA firms passporting into the UK, whether providing cover cross-border services or through a branch). The requirements will also apply to firms carrying out contracts of insurance and managing agents, including in either case business accepted under reinsurance to close. Responses are required by 17 October 2012. FSA intends to publish final rules, if approved, in January 2013, for implementation within six months from the making of the rules.
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  • CP12/15**: Client assets firm classification; oversight, reporting and the mandate rules

    25/07/2012
    There are two consultations contained within this paper. Chapter 2 (Clarifying the CASS firm classification and operational oversight regime) and Chapter... 3 (Changes to the Client Money and Assets Return (CMAR) and guidance) should be read concurrently. Chapter 4 sets out proposals on the mandate rules (CASS 8). FSA notes that, since introducing the CF10a controlled function, it has noticed some shortcomings in the CASS firm classification and operational oversight requirements (CASS 1A) and is proposing some additional amendments to CASS 1A in this CP to address these. There are also proposed changes based on feedback received on the language and presentation of a number of the questions within the CMAR as well as the CMAR guidance notes. With regard to CASS 8, FSA says that it has identified that there is now a large degree of inconsistency in understanding among firms and their auditors which could lead to customer detriment or increased costs to firms. It is proposing to clarify the scope of the mandate rules, but does not propose to change the purpose of the mandate rules or the internal controls required by the mandate rules. Responses should be received by 30 September 2012. FSA plans to issue a PS in November 2012, with the final rules coming into force on 1 January 2013.
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  • CP12/16***: FSCS funding model review

    25/07/2012
    The main features of the CP are: two separate approaches for funding FSCS’ costs; one for activities expected to be subject... to PRA’s funding rules for FSCS, such as deposit takers and insurance providers, and one for the other activities expected to be subject to FCA’s funding rules (there would be no cross-subsidy between the two; no changes to the current funding classes; a retail pool made up of all classes expected subject to FCA’s funding rules which would be triggered if one or more FCA classes reached their annual threshold; revised annual thresholds based on assessments of affordability, and; FSCS to consider potential compensation costs expected in the 36 months following the levy instead of 12 months as is currently the case (except for the deposit class). Responses to the paper should be received by 25 October 2012. A Deloitte report entitled “Affordability and thresholds for FSCS levies” prepared for FSA earlier this year has also been published (third link below).
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  • EC: Amended proposal for a regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse)/Amended proposal for a Directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation

    25/07/2012
    The EC has published the above proposals intended to prohibit the manipulation of benchmarks, including LIBOR and EURIBOR and make such... manipulation a criminal offence. The Regulation introduces the following changes: amendment to the scope of the proposed regulation to include benchmarks; amendment to the definitions to include a definition of benchmarks, based on an expanded version of the definition used in MiFIR; benchmarks such as interest rate and commodities benchmarks are included; amendment to the definition of the offence of market manipulation (Article 8) to capture manipulation of benchmarks themselves and attempts at such manipulation; and amendment to the recitals to justify the extension of the scope and the market manipulation offence to benchmarks. The Directive introduces the following changes: amendment to the definitions to include a definition of benchmarks; amendment of the criminal offence of market manipulation to capture manipulation of benchmarks themselves and amendment of the criminal offence of "inciting, aiding and abetting and attempt" to include these behaviours in relation to the manipulation of benchmarks. It is noted that the EC is not proposing to set the minimum types and levels of criminal sanctions at this stage, but wants to require each Member State to provide for criminal sanctions in its national laws to cover the manipulation of benchmarks. .
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