Business and Other Briefings

FSA:  The Financial Services Authority (FSA) has published a Policy Statement that should lead to a simplification of the rules firms need to follow in carrying out investment business with their customers.

The reform of the Conduct of Business rules is a flagship project for the FSA in the move towards principles-based regulation and away from detailed prescriptive rules.  The FSA is removing much of the detail of the old rule book to create a new rule book – COBS – of about half the length.

The Policy Statement confirms the approach set out in CP 06/19 & CP 06/20 published in October 2006 to operate on the basis of principles & high-level rules, except where detailed provisions are either required by EU directives, or are the only practicable way to achieve a desired consumer protection or other regulatory outcome.
Press release ~ Policy Statement 07/6: 'Reforming Conduct of Business Regulation' ~ CP 06/19 'Reforming Conduct of Business Regulation' ~ CP06/20: Financial promotion and other communications Including draft Handbook text for NEWCOB 4 and 5

FSA:  The Financial Services Authority (FSA) has published the final FSA fees and Financial Ombudsman Service (FOS) levies for regulated firms for 2007/08.  In nearly all fee blocks, increases in the minimum fee (the basic fee that all firms pay) have been capped at 3%, benefiting around half of all regulated firms which only pay the minimum fee.
Press release ~ Fee Calculator ~ Consultation Paper and Feedback

HMRC:  A new way of accounting for VAT took effect on 1 June 2007, which changes the way VAT is paid on mobile telephones and computer chips, in a measure designed to combat fraud in these goods.

From that dat, VAT-registered customers of these goods will be required to pay the VAT on the sale to HMRC, as opposed to the supplier - which is the norm in most transactions.  The move is designed to help combat what is known as MTIC (Missing Trader Intra-Community) fraud - also known as carousel fraud.
Press release ~ Business Brief ~ Article on identifying MTIC ~ Chartered Institute of Taxation paper

HMRC:  Revenue & Customs Brief 42/07

This Brief gives details of an article : Hydrocarbon Oils : Introduction of an upper 'Euromarker' marking limit.

HMRC:  Revenue & Customs Brief 41/07

This brief provides notice that the Code of Practice 10 facility has been reinstated for Substantial Shareholdings Exemption.

Spotlight on women at Serco – Anita’s story