FSA

Consultation has kicked off on the role of the FSA and the Financial Ombudsman Service following Treasury induced moves to revisit responsibilities outlined in the Financial Services and Markets Act 2000.

Smaller with-profits firms will be treated differently under capital adequacy rules proposed by the FSA today in Policy Statement 04/16: Integrated Prudential Sourcebook for Insurers

Fewer than one-in-three UK consumers are aware of the existence of the FSA, whilst two-in-five do not even know financial regulation exists at all, according to FSA research.

Regulatory fees paid to cover the costs of running the Financial Services Authority are set to drop an average of 1% for authorised firms over the 2004/5 year the organisation reports today in its annual review.

The Treasury has published a consultation paper linked to the independent review of the actuarial profession sparked by criticism contained in the Penrose Report.

Intermediaries seeking guarantees of getting FSA authorisation in time to carry on regulated insurance business as of 14 January next year have just two more weeks to file their applications, says Norwich Union.

Arguments about EU constitutions aside, one of the more interesting issues to come out of the PIMS conference was whether AIFA might at some stage move closer to the Geneva-based Convention of IFAs (CIFA) to increase members' voices on the European stage....

Intermediaries are not entitled to demand provider "inducements" post depolarisation worth up to £1m in order to ensure their products are considered for panels or recommended lists, the FSA has warned in a "Dear CEO" letter.

A raft of follow-up comments - following this morning's view of the IFA market - suggests many IFAs have yet to see the positives of industry reform.

Perspective taken from last week's PIMS conference suggest IFA attitudes were now more positive towards industry changes....but one conference delegate is far from happy with the raft of regulations.