Business and Other Briefings

OFT:  The Office of Fair Trading has announced that intends to launch a market study into home buying & selling, looking at traditional estate agency models and alternative ways of buying & selling homes. The study may also cover the relationships between estate agents and mortgage brokers, surveyors, solicitors & other professional advisors.
 
Ahead of this, the OFT is writing to stakeholders (who will be contacted directly by the OFT) to ask for their views and engage with them to discuss the scope & scale of the study, which will commence in early 2009. Other interested parties can submit written views, by 16 January 2009.
Press release ~ OFT ~ Home buying and selling market study: Q&As
 
FSA: The Financial Services Authority (FSA) is taking action to improve the quality of advice given to customers to switch into a personal pension or self-invested personal pension (SIPP), following a review which found variable standards across a sample of 30 firms.  The main causes of unsuitable advice were:
* switches involving extra costs without good reason
* recommendations that did not match the customer's attitude to risk and personal circumstances
* failure to explain the need for, or put in place, ongoing reviews when these were necessary
* loss of benefits from existing pension schemes without good reason
 
The FSA is determined to ensure all firms meet its required standards of advice.  It will be writing to over 4,500 firms that advise on pension transfers, setting out its findings, the standards it expects of firms and the action firms should take to ensure customers receive suitable advice.  The FSA will undertake further assessments in the third quarter of 2009.  Firms that fail to take steps where necessary will face further action.
Press release ~ FSA Money Made Clear – Pension Transfers ~ Financial Services Authority (FSA) ~ ‘Quality of advice on pension switching: a report on the findings of a thematic review
 
FSCS: Consumers may be able to claim compensation if they have lost money as a result of their dealings with a financial firm declared in default.  The Financial Services Compensation Scheme (FSCS) can pay compensation for 39 firms recently declared in default by the FSCS and for one firm declared in default by the Financial Services Authority (FSA).  FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms.  It provides a free service to consumers.

Consumers can claim up to £48,000 for the 29 investment firms declared in default by the FSCS and the firm declared in default by the FSA for ICD claims.  This is made up of 100% of the first £30,000 and 90% of the next £20,000.  The remaining 10 firms are general insurance intermediaries, for which FSCS can pay compensation of up to 100% of the first £2,000, plus 90% of the balance of a claim.  Compulsory insurance, such as motor insurance, is protected in full.
Press release ~ Financial Services Compensation Scheme (FSCS) ~ Financial Services Authority (FSA)
 
BERR: Business Secretary Lord Mandelson has launched a new Code of Practice to help increase the speed of payments to smaller companies. The code, developed with the Institute of Credit Management (ICM) and supported by major business organisations, aims to establish a clear & consistent policy in the payment of business to business bills – See ‘In the News’ section for more information.
 
OFT:  The OFT has published revised leniency guidance for businesses and individuals that come forward with information about their involvement in a cartel – See ‘Guidance Notes and Best Practice Guides’ section for more information.

HMRCRevenue & Customs Brief 57/08
Excess charges in non-local authority car parks.
Free, Secure, Compliant UK Public Sector IT Recycling Service