Business and Other Briefings
FSA: The Financial Services Authority (FSA) has published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The review identifies a number of areas for improvement in the execution of supervision, which will be advanced urgently by the FSA's management, via a dedicated supervisory enhancement programme. This programme also includes a number of improvements already in train.
The Board also noted that, even if supervision had been carried out at a level acceptable to the FSA, it was by no means the case that that would have changed the outcome. The Internal Audit review identifies the following four key failings specifically in the case of Northern Rock:
* A lack of sufficient supervisory engagement with the firm
* A lack of adequate oversight and review by FSA line management
* Inadequate specific resource directly supervising the firm
* A lack of intensity by the FSA in ensuring that all available risk information was properly utilised to inform its supervisory actions
A full version of the report, with redactions to protect commercial and individual confidentiality, will be made available not later than the end of April.
Press release ~ Summary of the review ~ Recommendations made by Internal Audit ~ Response of the executive of the FSA
HMRC: Revenue & Customs 18/08
Important news for Trust or Company Service Providers (TCSPs) about changes to Registration Guidance and when to register with HM Revenue & Customs.