FSA Publishes Quarterly Consultation

by Jason Gorringe, Tax-News.com, London

15 July 2008

The UK's Financial Services Authority (FSA) has published the latest in its series of Quarterly Consultation Papers (QCP) on several proposed rule changes.

In the July QCP, the FSA are asking for comments on their proposed amendments to:

• The Glossary of definitions, in order to amend the definition of ‘preference share’ in the context of the General Prudential sourcebook (GENPRU);
• The Fees manual to provide for application fees for part of 2008/09 for recognition as an Approved Reporting Mechanism, a new connection fee for entities report transactions directly to the FSA, and special project fees in relation to the internal model regime under Solvency II;
• The Glossary, GENPRU, the Insurance Prudential sourcebook (INSPRU), the Interim Prudential sourcebook for Insurers (IPRU(INS)) and the Interim Prudential sourcebook for Friendly Societies (IPRU(FSOC)), in relation to asset reporting in the FSA returns and clarifications of our rules and guidance;
• The Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU), in relation to the market risk capital requirements for BIPRU firms;
• The Conduct of Business sourcebook (COBS), in order to amend the record-keeping rule for inducements;
• The Conduct of Business sourcebook (COBS), in relation to the disclosure requirements relating to income withdrawals from existing personal pension schemes;
• The Collective Investment Schemes sourcebook (COLL), in relation to a proposed amendment regarding reduction in yield information in the Simplified Prospectus;
• The Collective Investment Schemes sourcebook (COLL), in relation to the rules on concentration and acquisition of units;
• The Glossary and the Supervision manual (SUP), to clarify the way that firms undertaking designated investment business should determine their investment business prudential category, and to include prudential categories for firms subject to the requirements of the Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU);
• The Dispute Resolution: Complaints sourcebook (DISP), to amend the rules on complainant eligibility so that complaints can be made about debt administration services; and
• The Listing Rules sourcebook (LR), in relation to the sponsor regime.

The deadline for comments on these amendments is 9th September 2008, except for Chapter 11 and part of Chapter 3 – and their corresponding Appendices – where the deadline is 9th August 2008.

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