Business and Other Briefings
FSA: The Financial Services Authority (FSA) has published its final rules on the liquidity requirements expected of firms. The new rules will require changes to firms’ business models and will bring about substantial long-term benefits to the competitiveness of the UK financial services sector.
It plans to phase in the quantitative aspects of the regime in several stages, over an adjustment period of several years. This is to take into account the fact that all firms at present are experiencing a market-wide stress. The qualitative aspects of the regime will be put into place by December 2009.
Press release ~ PS09/16: Strengthening liquidity standards ~ Previous consultation papers on liquidity
BIS: The government claims that the climate for doing business with Kuwait has been boosted with the signing by the UK of a trade treaty with the Gulf state. An IPPA is a treaty designed to guarantee fair treatment for the investments of individuals & companies in an overseas market - and to allow for a level playing field by ensuring they are treated in the same way as local companies and other foreign investors.
The UK already has similar agreements in place with over 100 trading partners. They can & often do encourage UK investment overseas and foreign direct investment into the UK, by signalling a commitment by both Governments to open and transparent investment markets.
Press release ~ IPPA (scroll down)
FSA: The Financial Services Authority (FSA) and Mortgage Payment Protection Insurance (MPPI) firms have agreed an industry-wide package of measures for consumers, including refunds of around £60m. The industry has acted in response to FSA concerns over recent increases in premiums and reductions in what customers are covered for under their policy.
The FSA’s concerns centred on the terms permitting these changes and how clearly they were disclosed. The FSA expects its concerns to be addressed by the agreement reached. Firms will contact customers if their policy is affected, and will make all refunds by the end of June 2010.
HMT: HM Treasury has published a call for evidence (will run until 11 December 2009) on the Money Laundering Regulations 2007 and of the UK's anti-money laundering policies & procedures under them. The Call is designed to help inform a review of the Regulations, and look at how effective and proportionate the UK's anti-money laundering rules are – See ‘Consultations’ section for more information.
HMRC: Revenue & Customs Brief 62/09
HMRC has revised its policy on input tax recovery on the costs of staging shows (production costs) for which the theatre's admissions are VAT exempt. It follows the tribunal decision in Garsington Opera Limited.
HMRC has revised its policy on input tax recovery on the costs of staging shows (production costs) for which the theatre's admissions are VAT exempt. It follows the tribunal decision in Garsington Opera Limited.
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