FSA Milestones
As part of our commitment to increase transparency and accountability, we state our key milestones for the year in our Business Plan.
Progress against Business Plan Milestones for 2005/06
View original Business Plan milestones for 2005/06
While we make every effort to achieve the original milestones stated in the Business Plan, for a variety of reasons (some of which are outside our control) it is sometimes necessary to amend the original milestone delivery dates. We describe these changes below:
Milestone changes :
Q2 2005
Consultation Paper (CP) on changes to Collective Investment Scheme (CIS) rules resulting from Committee of European Securities Regulators (CESR) Transitionals
This CP was a response to work done by CESR and was only to be issued if necessary. Up to now we have adopted a more informal approach with relevant firms and at this stage it appears that a CP will not be required. However, this could change and the option of a CP has not entirely been ruled out.
Consultation Paper on information supplied to consumers at and after point of sale, including feedback on projection requirements and new proposals for Key Facts.
This milestone has been delayed due to resource constraints and the need for additional consumer testing. We have divided the work into two parts: The Quick Guide consultation will take place early in Q3 2005. We will consult on the full package of disclosure and projection reforms in Q1 2006.
Clarification of what firms can expect from their supervisors and the Firm Contact Centre
This milestone will be delivered in Q3 2005.
Q3 2005
Consultation Paper on implementing the Markets in Financial Instruments Directive (MiFID).
We have moved this milestone from the beginning of Q3 to the beginning of Q4 to reflect EU proposals to delay this directive. For more detailed information on this, please see our February Handbook development newsletter.
Consultation Paper on Integrated Regulatory Reporting (IRR) for deposit taking and groups
This milestone has been moved to Q1 2006 to reflect the latest expectation of when the Capital Requirements Directive (CRD) will be adopted in Europe as it is a key driver for this work.
Q4 2005
Consultation Paper with full draft Handbook text for Capital Requirements Directive (CRD)
This is now likely to be published in Q1 2006 as the final directive text will probably not be known before December this year.
Consultation Paper on Complex Product Disclosures.
This CP is linked to the work on the projections and product disclosure regime and will be incorporated into the Q1 2006 Consultation Paper.
2005/06 Business Plan - FSA Q2 Milestones 2005
Promoting efficient, orderly and fair markets
| Priority / Workstream | Milestone(s) | Completed within Q2 (Links to the relevant documents or sections are provided where appropriate) | |
|---|---|---|---|
EU standards |
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Prospectus Directive and Listing Review
|
Publish Listing Rule |
|
Listing Rules were published on 28 April. |
| Market Abuse Directive (MAD) | Full implementation of MAD |  |
MAD was effective from 1 July. |
| Domestic initiatives | |||
| Hedge Funds | Discussion Paper on Hedge Funds | |
DP 05/04 was published on 23 June. |
| Themes for supervision work | |||
| Business Continuity and Financial Stability | Resilience benchmarking exercise | |
|
Helping retail consumers achieve a fair deal
| Priority / Workstream | Milestone(s) | Completed within Q2 (Links to the relevant documents or sections are provided where appropriate) | |
|---|---|---|---|
Capable and confident consumers |
|||
Financial Capability |
Publish good practice research on how to raise financial capability among young adults |
|
Helping young adults become financially capable was published on 21 June. |
| Clear, simple and understandable information | |||
|
Launch Health-check tool |
|
Was launched on the BBC website on 29 June. |
Projections and Product Disclosure Regime |
Consultation Paper on information supplied to consumers at and after point of sale, including feedback on projection requirements and new proposals for Key Facts |
|
This milestone has been delayed due to resource constraints and the need for additional research. The work has been divided into two parts: The Quick Guide consultation will take place early in Q3 2005. We will consult on the full package of disclosure and projections reforms in Q1 2006. |
| Responsible firms who treat their customers fairly | |||
Treating Customers Fairly |
Publish update on progress of the Treating Customers Fairly initiative |
 |
Treating Customers Fairly: Building on Progress - we published this a few days late on 6 July. |
| Publish joint Policy Statement with FOS on handling of 'wider implications' cases. | |
Statement was issued on 30 March | |
| Risk-based regulation | |||
| Distribution of Retail Investment Products (Depolarisation & Stakeholder Products). | Launch of the new basic regime for stakeholder (Sandler) products | |
Was launched on 6 April. |
| Depolarisation rules come into effect | |
The new rules came into effect on 1 June. | |
| EU Agenda | Consultation Paper on changes to Collective Investment Scheme (CIS) rules resulting from Committee of European Securities Regulators (CESR) Transitionals | |
This CP was a response to work done by CESR and was only to be issued if necessary. Up to now we have adopted more informal approach with relevant firms and at this stage it appears that a CP will not be required. However, this could change and the option of a CP has not entirely been ruled out. |
| Discussion Paper on the possibility of widening range of Retail Investment Funds | |
DP 05/03 - was published on 23 June | |
Improving our business capability and effectiveness
| Priority / Workstream | Milestone(s) | Completed within Q2 (Links to the relevant documents or sections are provided where appropriate) | |
|---|---|---|---|
Making us easier to do business with |
|||
| Faster turnaround, higher quality | Expand range of service standards | |
On 1 April, 11 new service standards came into force. See service standards |
| Introduce customer satisfaction surveys for some of our services | |
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| Publication of our performance against our service standards | |
See service standards webpage | |
| Firms Online available to all firms | |
||
| Less onerous | Launch of short form application packs for security and futures firms | |
A simplified application pack for Securities and Futures firms was released on 31 March 2005. |
| Clarification of what firms can expect to receive from their supervisors and the contact centre. | |
As noted above we will deliver this milestone in Q3 2005. | |
| Fees and costs | Consultation Paper on Handbook Review Project | |
CP 05/10 - was delayed by a few days and published on 13 July. |
2005/06 Business Plan - FSA Q1 Milestones 2005
Promoting efficient, orderly and fair markets
| Priority / Workstream | Milestone(s) | Completed within Q1 (Links to relevant documents or sections are provided) | |
|---|---|---|---|
EU Standards |
|||
Capital Requirements Directive (Implementation in the EU of revised Basel framework) |
Consultation Paper on key implementation issues |
|
CP05/03 - Consultation Paper was published on the 27 January 2005. |
Market Abuse Directive |
Publish final Handbook text and Policy Statement |
|
PS05/3 - Policy Statement was published on the 22 March 2005. |
Domestic initiatives |
|||
Softing and Bundling |
Consultation Paper with draft rule changes | |
CP05/05 - Consultation Paper was issued on 31 March 2005. |
Helping retail consumers achieve a fair deal
| Priority / Workstream | Milestone(s) | Completed within Q1 (Links to relevant documents or sections are provided) | |
|---|---|---|---|
Responsible firms who treat their customers fairly |
|||
Treating Customers Fairly |
Publish paper outlining our approach to the regulation of financial promotions regime |
|
Financial Promotions: taking stock and moving forward was published on 21 February 2005. |
Risk Based Regulation |
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Improving the Implementation of our risk-based approach |
General Insurance regulation commencement | |
General Insurance regulation commenced on 14 January 2005. |
Improving our business capability and effectiveness
Priority / Workstream |
Milestone(s) | Completed within Q1 (Links to relevant documents or sections are provided) |
|
|---|---|---|---|
| Making us easier to do business with | |||
| Less onerous | Discussion Paper on Integrated Regulatory Reporting deposit taking and principal position taken. | |
DP05/1 Discussion Paper was issued on 28 February 2005. |
| Easier to get answers from | Re-launch of FSA website | |
Website re-launched on 3 March 2005. |