Business and Other Briefings
LDA: Over ten thousand businesses in London have now signed up to CompeteFor – the online service designed to open up the London 2012 supply chain and give small & medium sized businesses a greater chance benefit from the Games.
Developed by the London Development Agency (LDA), working closely with the London Business Network and London 2012, the 'business dating agency' allows companies to register as potential suppliers online. CompeteFor then notifies them of 2012 contracts as they are put out to tender and businesses are then able to apply for these contracts quickly & easily online.
Press release ~ CompeteFor ~ London Development Agency (LDA) ~ Olympic Delivery Authority (ODA) ~ London Organising Committee (LOCOG) ~ 2012 Business Network
FSA: The Financial Services Authority (FSA) has set out its expectation that firms give suitable advice to help customers make informed decisions about transferring built-up National Insurance rebates into Self-Invested Personal Pensions (SIPPs).
From 1 October 2008, people will be able to contract out of the State Second Pension into a SIPP and transfer existing National Insurance rebates (‘protected rights’) from a personal pension into a SIPP. As with all advised transactions, the FSA expects firms to ensure that any advice around these decisions is suitable and based on an assessment of customer need in order to help consumers make decisions that are right for them.
In addition, following consultation, the FSA has published a policy statement confirming that when advising on contracting out into a SIPP, firms will also need to provide a comparison of projected retirement income from the SIPP versus potential benefits from the State Second Pension. This requirement already exists in relation to contracting out into ordinary personal pensions.
Press release ~ Moneymadeclear - Pensions ~ The State Second Pension (formerly SERPS) – should you be contracted out? ~ Handbook Notice 81 ~ FSA - SIPPs
LBRO: A major new business survey found that 71% of businesses feel that council enforced regulations can be as big or a bigger burden than tax and employment law - setting out the challenge for the Local Better Regulation Office (LBRO) which marked its formal launch last week.
Other results from the independent survey included:
* Of those firms trading across three or more council boundaries, one third said that they had received inconsistent compliance advice from different local authorities
* Most interviewed companies said they valued council support
* 90% of businesses said they had never been consulted by local authorities about the enforcement of trading laws covering key areas like consumer protection and health and safety
LBRO is responsible for running the new Primary Authority scheme, which hopefully will help reduce inconsistent advice across council boundaries.
FSA: In an update on its thematic review of thesale of Payment Protection Insurance (PPI) the Financial Services Authority (FSA) has set out that, due to the poor findings from its recent work, it is escalating its regulatory intervention.
The FSA will consider the action it will take to deal with ongoing non-compliant sales practices and consider actions to identify & remedy non-compliant past sales, using a range of regulatory powers at its disposal.
OFT: Action to make the supply of extended warranties on domestic electrical goods more competitive has saved consumers money, but there is evidence that some stores are still not fully complying with legislation, according to an Office of Fair Trading report.
As a result of these findings, the OFT has written to stores that do not comply with the Order, and is working closely with the Radio, Electrical, and Television Retailers' Association (RETRA) and the British Retail Consortium (BRC), to ensure that stores that sell domestic electrical goods are aware of their obligations.
Press release ~ Evaluating the impact of the Supply of Extended Warranties on Domestic Electrical Goods Order 2005 ~
This brief provides updated draft guidance on changes to the exemption for fund management services from 1st October 2008. Amendment to the legislation effecting these changes.
Repositioning of the UK duty paid fiscal mark on packets of hand-rolling tobacco.
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