Business and Other Briefings

FSA: The Financial Services Authority (FSA) is urging firms to change their attitude to data security and do more to help prevent their customers falling victim to identity fraud and other types of financial crime.  The warning follows an FSA review of systems and controls for data security at 39 firms including banks, building societies, insurance companies and financial advisers.
 
There were examples of good practice across the industry, however many firms still underestimate the risk of data loss and fraud to their businesses, and especially to their customers. This includes senior management at firms not recognising the value of their customers' data to fraudsters or that staff could pose a similar threat to data security as that posed by computer hackers and burglars.
 
The FSA is addressing data security risks with firms through ongoing supervision and is increasing its visits to small firms to review their systems and controls.  It is also publishing a factsheet to help senior management at small firms understand their data security responsibilities.
Press release ~ Data Security in Financial Services: firms' controls to prevent data loss by their employees and third-party suppliers ~ FSA: Financial Crime ~ FSA fined Nationwide £980,000 ~ Protect your personal information : FSA Money made clear ~ Home office – Identity Theft
 
HMRC: The latest edition of HMRC's 'Agent Update' newsletter is now available for download. The April issue includes links to new HMRC guidance on changes to self assessment, a new compliance handbook on penalties for incorrect returns, and the latest HMRC podcasts for agents.
Press release ~ April Agent Update ~ HMRC podcasts
 
HMRCRevenue & Customs Brief No 24/08
This Brief gives details of an article: VAT: Land & buildings - New Schedule 10 of the VAT Act 1994 including changes to the option to tax.
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