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Showing 16901 - 16910 of 18269 matches filtered by 'news item'

  • FSA: Advising on pension transfers with a view to investing pension monies into unregulated products through a SIPP

    22/01/2013
    FSA has published this undated alert aimed at consumers which notes that it has been brought to FSA’s attention that some... financial advisers are giving advice to customers on pension transfers or pension switches without assessing the advantages and disadvantages of investments proposed to be held within the new pension. It has seen financial advisers monies to SIPPs that invest wholly or primarily in high risk, often highly illiquid unregulated investments. FSA notes that it is investigating a number of firms and has secured a variation of their Part IV permission so that they are unable to continue operating in this way. FSA is also considering taking enforcement action against these firms. It warns consumers that they may not be able to have recourse to FOS or FSCS should there be a problem with the unregulated investment. FSA is asking regulated firms, in particular financial advisers and SIPP Operators to report to FSA firms that are carrying on these activities in breach of its rules and provides a telephone number for its whistleblowing team.
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  • FSA: CP13/2**: Regulatory fees and levies: The Money Advice Service cost allocation method for 2013/14

    22/01/2013
    FSA is consulting on a new proposed method of allocating MAS money advice costs to fee-blocks, with a view to implementing... it for 2013/14. The method uses the data the MAS gathers on how consumers use its website, telephone advice line and its face-to-face advice service. The proposed allocation method affords a clearer link between how consumers use the service MAS provides and which firms pay for it. FSA notes that it wishes to implement these proposals a year earlier than previously stated. Responses are required by 22 February 2013. Taking into account the responses received, FSA will consider whether to adopt this method for calculating the money advice levies for 2013/14 and will consult on this in the FCA fees and levies CP scheduled to be published end of March 2013.
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  • FSA: Insider dealing and market abuse

    22/01/2013
    FSA reports that, with the assistance of various police forces, it has executed four search warrants and arrested five individuals who... are currently in custody to be questioned in connection with an investigation into insider dealing and market abuse (none have been charged). Although it provides no further details, it is noted that the arrests are not linked to any other ongoing insider dealing investigation.
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  • FSA: Modification by consent of COMP 16.3.1R

    22/01/2013
    This modification enables firms to use the new disclosure wording agreed in PS12/15 before the scheduled rule change on 1 April... 2013. At present, FSA requires deposit takers to regularly disclose information relating to FSCS to eligible depositors, including the basic protection offered and FSCS contact details, using prescribed wording. 
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  • FSCP: A new approach to financial regulation: draft secondary legislation

    22/01/2013
    FSCP has published its response to HMT with regard to the draft secondary legislation to the Financial Services Bill. It... argues that threshold conditions be further enhanced to protect the interests of consumers by requiring firms to treat their customers fairly; suggests that the Government should undertake a fundamental review of the registered firm regime and raises concerns over the separation of responsibility for FSCS between PRA and FCA.
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  • EC: Actions expected to be adopted in 2013

    21/01/2013
    The EC has published this document which sets out legislative and non-legislative proposals in tabular format.
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  • EC: Banco Internacional do Funchal S.A. (BANIF)

    21/01/2013
    The EC has temporarily approved, under EU state aid rules, a recapitalisation totalling €1.1 billion granted by Portugal to BANIF for... reasons of financial stability. Portugal committed to provide a far-reaching restructuring plan for BANIF by 31 March 2013. The EC will take a final decision on the compatibility of the capital injection with EU state aid rules after the assessment of the restructuring measures to be proposed by Portugal. It is noted that, in view of the significant aid the bank received with regard to its size (approximately 10% of risk weighted assets) and of the seriousness of its problems, the plan needs to provide for a material overhaul of the bank's business model, implying deep restructuring measures, a considerable downsizing and a limited future geographical focus.
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  • EIOPA: Multi-annual Work programme 2012 2014

    21/01/2013
    This document has now been published in all the official languages of the EU.  It provides a general overview of... EIOPA activities in 2012 and of its plans for 2013-2014. It contains strategic directions for the following areas: regulatory tasks; supervisory tasks; consumer protection and financial innovation; common supervisory culture; financial stability, crisis prevention, management and resolution; external relations and EIOPA’s internal organisation.
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  • ESMA: European enforcers review of impairment of goodwill and other intangible assets in the IFRS financial statements

    21/01/2013
    ESMA has published a review of 2011 IFRS financial statements related to impairment testing of goodwill and other intangible assets. ... The review, which looked into the accounting practices of a sample of 235 European issuers from 23 countries, found €800bn (€790bn in 2010) worth of goodwill balances in the 2011 financial statements of issuers, with 5% (c. €40bn) of that amount recognised as impairment losses in 2011. The report indicated that significant impairment losses of goodwill were limited to a handful of issuers, mostly in the financial services (€19,2bn) and telecommunication industry (€9,7bn). ESMA recommends that users: better specify the key assumptions used in the impairment test; include sensitivity analyses with sufficient detail and transparency, especially in situations when indicators are present that impairment might have occurred; determine the growth rates used to extrapolate cash flows projections based on budgets and forecasts; and disclose specific discount rates for each material cash-generating unit rather than average discount rates. ESMA and national competent authorities responsible for IFRS enforcement will use the review’s findings as areas to focus their assessments on when reviewing 2012 IFRS financial statements. ESMA expects issuers and their auditors to consider the findings of this review when preparing and auditing their IFRS financial statements. In addition, national competent authorities will take, or have already, taken appropriate enforcement action whenever material misstatements are identified. ESMA will collect data on how European listed entities have applied IFRS requirements in this area in 2012 and will report its findings to the market.
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  • Financial Services Act 2012

    21/01/2013
    The explanatory notes to the Act have now been published.
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