Business and Other Briefings
FSA: The Financial Services Authority (FSA) has recently published its near final rules to strengthen the financial resilience of the credit union sector and reduce the number of credit union failures. On average, around 6 credit unions are declared in default each year with customers compensated by the Financial Services Compensation Scheme.
The new rules aim to improve the financial soundness of credit unions and therefore maintain consumer choice in the financial services sector. The rules will be contained in a new Credit Union sourcebook (CREDS), which will replace the existing sourcebook CRED.
BIS: Vince Cable and George Osborne have launched a consultation paper to encourage an industry-led recovery by addressing the problems businesses face accessing finance. The paper, ‘Financing a Private Sector Recovery’, sets out the range of finance options for different sized businesses, explores where the market is failing to provide and if there is a role for government intervention – See ‘Consultations’ section for more information
HM Revenue & Customs Brief announcing changes to the application of the zero rate to new buildings and that, following a review, the phrase 'solely for a relevant residential or relevant charitable purpose' could incorporate a de minimis margin.