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Showing 18821 - 18830 of 19303 matches filtered by 'news item'

  • MoJ: Claims management complaints

    29/08/2012
    MoJ has announced that from 2013 the Legal Ombudsman will handle claims management complaints. This change will also enable the Claims... Management Regulation Unit, which will remain within MoJ, to refocus its resources on working with the claims management industry to improve standards and take wider action against claims management companies who consistently breach the rules.
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  • CP12/20**: Review of the client money rules for insurance intermediaries

    28/08/2012
    FSA notes that this CP is a result of its promise to review client money rules with respect to general insurance... intermediaries. Its review of CASS 5 raised concerns over inappropriate controls around the use of the non-statutory trust; ineffective risk transfer documentation; application of the pooling rules; infrequent client money calculations; client money held by third parties; and client money held as designated investments (although FSA acknowledges it also found examples of good practice). This CP sets out proposals in relation to the following: ¶ the use of the non-statutory trust under CASS 5 and associated client money concerns; including discussion of issues around risk transfer and proposals intended to ensure more effective risk transfer; ¶ discussion of distribution rules and proposals that aim to facilitate firms in the transfer of client money on a sale of business; ¶ clarification on diversification of client money, including a proposal on the amount of client money which can be held in a group bank; ¶ clarification on the accrual method of calculating the client money requirement, guidance on trust letters and a proposal on the CASS 5 resolution pack; ¶ proposals relating to credit write backs, unclaimed client money, unallocated client money, client money held at third parties, prudent over-segregation, money held as designated investments, commission, same day draw down and money due to a client from a firm, including a proposal in relation to segregation of client money held by a firm’s appointed representatives, field representatives or other agents; ¶ proposals in relation to firms’ governance on CASS oversight, client money audit reports and Section C of RMAP. ¶ Responses are required by 30 November 2012. FSA intends to publish feedback and final rules in Q2 2013.
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  • HoC Money Laundering Regulations.

    28/08/2012
    This library research paper provides an overview of MLRs for MPs.
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  • IOSCO: Money market fund reform

    28/08/2012
    IOSCO has published a statement from its chairman following SEC’s announcement on money market fund reform. He notes that IOSCO... intends to continue its work on the basis of the mandate given to it by G20 and FSB to develop policy recommendations for strengthening oversight and regulation of the shadow banking system, including MMFs. A committee is set to meet at the end of August to consider feedback to a consultation on MMFs published in April and the IOSCO board will determine IOSCO’s further course of action on this matter at a meeting on 3/4 October and intends to report to the G20 finance ministers’ meeting in November.
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  • OFT: Reddy Corporation Limited

    28/08/2012
    The firm, a second charge lender based in Forest Hill , has had its credit licence revoked by OFT. The licence... was revoked after companies associated with the firm and its owner were found to have engaged in widespread unlicensed trading. They were also found to have engaged in unfair and improper business practices, including entering into credit agreements which were not in the correct legal form. OFT advisers consumers who have entered into agreements with companies associated with the owner should seek advice on the enforceability of such agreements from a legal representative or service, such as Citizens Advice.
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  • EC: Banking union

    24/08/2012
    The EC has announced a provisional date – 11 September 2012 – on which it intends to present proposals to design... a single banking supervision mechanism in the euro area.
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  • European Parliament: Shadow banking

    24/08/2012
    This draft report prepared by rapporteur Saïd El Khadraoui, sets out the following proposals: imposing capital treatment of liquidity lines to... structured investment vehicles and conduits and setting large exposure limit of 25% of own funds to all unregulated entities and potentially extending CRD IV requirements to non-banking entities; considering ways in which to ensure that entities which are not consolidated from an accounting perspective are consolidated for prudential consolidation purposes; an EC legislative proposal for a separation of retail and investing activities of banks; more transparency in the repo and security lending markets; an EC legislative proposal to require money market funds to either become variable asset value with a daily evaluation or to require them to retain a constant value to be submitted to capital requirements; various reforms to securitisation, including a cap on the number of times a financial product can be securitised, and reforms to address ETF risks.
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  • FSB: Progress note on the Global LEI Initiative

    24/08/2012
    This is the first of a series of notes on the implementation of the legal entity identifier initiative. Progress reports on... the LEI initiative will be prepared approximately every three weeks.
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  • FSCP: Examples of good and poor practice in banks’ defences against investment fraud

    24/08/2012
    FSCP has published its response to the above-mentioned FSA guidance consultation. It argues that the guidance should be enhanced in... a number of areas, particularly criticising its focus on banks rather than customers. It says that FSA should be doing more to protect consumers that are wrongly suspected of committing fraud and has raised the issue with the regulator separately
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  • ABI: Disclosing charges and costs in workplace pensions

    23/08/2012
    ABI has published the text of a letter it has sent to the Pensions Regulator and the Financial Conduct Unit at... FSA which sets out an action plan for clearer pension charges and costs. It proposes priorities for action towards developing an industry protocol by the end of the year - a consistent and simple disclosure of charges to employees across contract and trust-based pension schemes; transaction costs, such as broking fees, to be made available to employees in all contract and trust-based schemes; employees to receive clear information on charges and transaction costs and existing workplace pension schemes to ensure that employees are provided with clear and comprehensive information on their charges.
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