Business and Other Briefings

BERR: Business Secretary Peter Mandelson has announced the creation of a new panel to monitor how banks are lending to small businesses. The five major high street banks reached an agreement with the government to provide data on the availability, risk and overall cost of lending to small & medium sized businesses at the first meeting of the Small Business Finance Forum.
 
The Forum also secured an agreement from the British Bankers' Association to work with Small Business organisations to fundamentally revise the Statement of Principles which set out how banks and businesses work together.
 
Consultations with business and finance organisations have revealed a number of companies feel they do not have access to the right advice they need on financial management. The Government, in partnership with the Institute of Credit Management, has produced a series of quick, user-friendly guides designed to provide this support direct to businesses.
Press release ~ BERR – Managing Cashflow Guides ~ British Bankers' Association ~ Institute of Credit Management
 
FSA: The Financial Services Authority (FSA) has announced that it will accelerate the full integration of Treating Customers Fairly (TCF) into core supervisory work.  TCF remains central to the FSA's retail strategy, and firms are expected to meet the December 2008 deadline.  As from January, delivery of TCF will be tested as part of firms’ usual supervision.
 
The FSA has also published a TCF update reminding firms what is required of them and explaining how firms will be assessed. 
Press release ~ FSA update on the Treating Customers Fairly initiative and the December deadline ~ FSA – ARROW ~ FSA - TCF
 
HMRCRevenue & Customs Brief 55/08
This Brief announces a change of HMRC interpretation which will apply where a company's SME status alters on or after 1 December 2008.
 
HMRCRevenue & Customs Brief 51/08
This brief is about a change to the treatment of chargeable event gains arising on life insurance policies held on bare trusts for minors.
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