Business and Other Briefings

FSA: The Financial Services Authority (FSA) has published a discussion paper which explores the creation of a framework for determining what further information the regulator might publish about firms & industry sectors. It recognises the importance of transparency and believes that increasing the amount of firm-specific and broader industry information it discloses could lead to better regulatory outcomes for firms, markets and consumers.
 
However, the FSA recognises that stakeholders hold strong and often polarised views on transparency, which is why the regulator wants to initiate a full & open debate (closes on 29 August 2008) that involves all those who may be impacted by its proposals. The discussion paper includes a code of practice which would provide a transparent mechanism for guiding FSA decisions about what additional information it might disclose.
 
The FSA has also published a consultation paper (closes on 29 August 2008) – CP08/10 – on proposed changes to its Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG). It includes proposals that are relevant to the issues discussed in DP08/3.
Press release ~ DP08/3: 'Transparency as a regulatory tool' ~ Decision Procedure and Penalties manual and Enforcement Guide Review 2008
 
FSA: The Financial Services Authority (FSA) has published feedback to its Discussion Paper (DP) on liquidity requirements for banks and building societies.  The DP looked at ways that liquidity policy should develop and focussed on lessons learned following recent market conditions.  Respondents broadly agreed with the policy objectives set out in the DP and with the FSA’s current high level standards and principles-based approach.
 
The FSA will consult further on all aspects of the new regime later this year including setting out proposals on sound practices for managing liquidity risk with a strong focus on stress-testing.  These enhanced qualitative requirements will reflect the work currently underway in the Basel Committee and will be the centre-piece of the new liquidity policy.
Press release ~ Feedback statement 08/3: 'Review of the liquidity requirements for banks and buildings societies - Feedback on DP07/7' ~ DP07/7: 'Review of the liquidity requirements for banks and building societies’
 
FSA: The Financial Services Authority (FSA) has published a Policy Statement setting out the final rules for regulating travel insurance sold alongside a holiday – known as Connected Travel Insurance (CTI).  This is mainly sold by travel firms and holiday providers. The new regime will come into force on 1 January 2009and the FSA will start to accept authorisation applications for the new CTI activities from 30 June 2008.
 
Travel firms will need to decide whether to be authorised by the FSA, be an appointed representative of another FSA-authorised firm, be an unregulated introducer (and only provide leaflets/information) or no longer offer CTI products.
Press release ~ Policy Statement 08/04 'Regulating connected travel insurance' ~ Consultation Paper 07/22 'Regulating connected travel insurance' ~ Travel Insurance
 
HMRCRevenue & Customs Brief 28/08
This brief gives details of an article: VAT: Land & buildings - announcing a new revised Notice 742A - Opting to tax land and buildings.
Cyber Security: Nine Steps for Maturing Beyond Checkbox Compliance