Regulation round-up

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Round up of what's happened in the last month.

Information for all firms

Payment protection insurance

This month we have taken action against five firms over their payment protection insurance (PPI) sales. If you sell PPI read our new factsheet which covers the key points to think about when selling this product. The factsheet is the first of a new design.

New FSA website for small firms coming soon

Our small firms web pages are being redesigned and the content refreshed, to make them clearer and easier to use. The new look pages will reflect the improvements small firms have asked us to make.

Volunteer presenters sought in Scotland

As part of the National Strategy for Financial Capability, we are delivering an important programme of workplace education. A significant part of our work is delivering the 'Making The Most of Your Money' seminar to employees, through volunteer professionals from the financial services industry. Demand for this seminar has grown rapidly and we have a particular need to talk with representatives from Scottish firms, who may be interested in being trained to act as a volunteer presenter on behalf of the FSA. Please contact either Simon Katte or Elaine Mcpherson.

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Information for financial advisers

Investment Quality of Advice Processes

We have published the findings of our second review of the quality of advice processes and a factsheet providing examples of good and poor practice. We would encourage you to read both documents. Further examples of good and poor practice will be published on our website in the months to come.

Build Your Own CIDD / SCDD facility updated

We have introduced a new single disclosure document for investment business. The Services and Costs Disclosure Document (SCDD) replaces the Initial Disclosure Document and Menu and came into effect as guidance in 6 August. We have also updated the Combined Initial Disclosure Document (CIDD) and the "build your own SCDD / CIDD" tool on our website.

Moneymadeclear

We are updating our Moneymadeclear guides on 'Pensions' and 'Making a complaint'. You can view or order online.

Need help on other issues?

Try our small firms web pages dedicated to financial advisers.

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Information for mortgage advisers

FSA calls for fairer treatment of customers

We have reiterated our call for mortgage lenders to treat customers fairly in the current market conditions. Our latest review found weaknesses in the way some lenders handle arrears and repossessions - particularly for consumers with impaired credit histories.

Improving the quality of your advice

Mortgage advisers must significantly improve methods of establishing affordability, including gathering better evidence and doing more to take customers' existing outgoings into account. These are our messages following a second review of the quality of advice processes, in which we found a number of areas where firms must improve.

Tackling mortgage fraud

Over the coming months we will be visiting firms to assess whether they are being used for mortgage fraud. Is your firm sufficiently vigilant and with the appropriate systems in place to prevent it being used for fraud?

Also, mortgage lenders are being urged to take part in a voluntary scheme to report both proven and suspected fraudulent mortgage applications from intermediaries.

Are you considering entering administration or liquidation?

If so, you must tell the FSA prior to the appointment of the Administrator or Insolvency Practitioner being approved by the courts. The FSA is required under the Financial Services & Markets Act to have input into and approve the appointment of the administrator. For further information please contact the Customer Contact Centre on 0845 606 9966.

Need help on other issues?

Try our small firms web pages dedicated to mortgage advisers.

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Training and Events

Conferences

Annual Asset Management Conference, 17 September 2008, QEII Conference Centre, SW1

The FSA's annual Asset Management conference aims to explore the issues affecting the asset management sector and to engage industry in a continuing dialogue aimed at shaping the future landscape for asset management in the UK to benefit both firms and consumers. The conference brings together industry professionals and senior FSA staff to discuss prospective regulatory changes.

Compliance Consultants Seminar

A unique opportunity to attend a seminar that has been put together by the FSA for compliance consultants that provide services to small FSA regulated firms.
For all event enquiries contact us on 020 7066 9026

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