UK: Weekly Financial Services Regulatory Update - Week to 15.06.12

This weekly update from Clyde & Co's Financial Services Regulatory Team summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange over the past week, with links to the full documents where these are available.

We hope that you will find this update useful.

Consultation papers:

No new developments this week.

Discussion papers:

No new developments this week.

Policy statements:

No new developments this week.

Press releases:

No new developments this week.


14 June: Regulating in a new era of professionalism – what does the FSA want to see from the industry. The FSA has published a speech by Clive Adamson, Director of Supervision at the FSA, which he presented at the IEA's 15th Annual Conference. Adamson outlines the current and ongoing changes that the FSA is undergoing to separate its prudential and conduct regulatory functions. He focuses specifically on the role of the incoming Financial Conduct Authority (FCA) and its new approach to supervision. Adamson also addresses professionalism and the FCA's desire to continue the work of the FSA to improve the clarity of the service provided to consumers, to create a transparent and fair charging system for advice received and to ensure that advice is provided by respected and professional advisers. He concludes by setting out the FSA's and FCA's expectations of the industry in relation to these issues.

Bulletins and newsletters:

No new developments this week.

Final notices:

14 June: Athanass Stefanopoulos. The FSA has issued a final notice, dated 14 June, cancelling Mr Stefanopoulos's Part IV permission. Following the FSA's decision notice, dated 31 August 2011, Mr Stefanopoulos referred the matter to the Upper Tribunal which concluded on 28 May 2012 that he was failing to satisfy the standards of fitness and propriety required of him and did not have sufficient human or financial resources in relation to the regulatory activities that he carried on. The Upper Tribunal therefore directed the FSA to issue a final notice cancelling Mr Stefanopoulos's Part IV permission.

12 June: Choon Hee Patrick Tan trading as Mortgages Mortgages. The FSA has issued a final notice, dated 12 June 2012, cancelling the Part IV permission of Choon Hee Patrick Tan, trading as Mortgages Mortgages, on the basis that he has failed to pay fees and levies owing to the FSA in the sum of £1,787.64. This failure to pay has led the FSA to conclude that Mr Tan has not conducted his business soundly or prudently and is not a fit and proper person and the FSA has therefore cancelled his Part IV permission accordingly.

12 June: Moinul Islam. The FSA has issued a final notice, dated 11 June 2012, refusing Moinul Islam's application for registration as a small payment institution to perform a money remittance service. Mr Islam's application was refused on the basis that it was incomplete when submitted and despite attempts by the FSA to rectify the error, Mr Islam did not provide the further information required and he therefore failed to meet the conditions for registration as a small payment institution.

11 June: Wood Financial Management Limited. The FSA has issued a final notice, dated 11 June 2012, cancelling Wood Financial Management Limited's Part IV Permission. Wood Financial Management Limited had previously been operating under a Supervision Notice, dated 4 April 2012, which removed all regulated activities from the Part IV permission. The FSA has since concluded that the Part IV permission does not need to be in force and must therefore be cancelled. Further, Wood Financial Management Limited has failed to pay fees and levies owing to the FSA in the amount of £4,901.98 and has failed to submit its Retail Mediation Activities Returns for the periods ending 31 May 2010, 30 November 2010, 31 May 2011 and 30 November 2011 which has led the FSA to conclude that Wood Financial Management Limited has been failing to conduct its business soundly and prudently.

Application refusals:

No new developments this week.

Approved person refusals:

No new developments this week.

Research publications:

No new developments this week.

Consumer research:

No new developments this week.

Other FSA publications:

15 June: Modification by consent of COBS. The FSA has announced that it has issued a modification of COBS by consent. Firms that had previously been required to provide Key Investor Information before or during a transaction will now be permitted to do so after the transaction where they have been given instructions by a means of distant communication and are not able to provide the information requested in good time. This modification applies to authorised fund managers of UCITS schemes, ICVCs that are UCITS schemes and firms that sell, personally recommend, or arrange the sale of units in a UCITS scheme or an EEA UCITS scheme that is a recognised scheme.

14 June: Reminder of Single Customer View reporting deadline. The FSA has published a letter that was sent to the Board of Directors of the credit unions in Northern Ireland, reminding them that the deadline for submitting their single customer view pre-implementation report is 30 June 2012.

11 June: Handbook Release 126. The FSA has published a new Handbook release which includes pages to replace in the following areas: the FEES manual, the Glossary of Definitions, the Professional Standards, and Supervision.

UKLA publications:

No new developments this week.

Upper Tribunal (Tax and Chancery Chamber) (formerly Financial Services and Markets Tribunal (FSMT)):

No new developments this week.

Financial Ombudsman Service (FOS):

13 June: Scam Email Alert. The FOS has published a warning to the public that people have been receiving emails purporting to be from the FOS. The FOS would like to reiterate that it does not cold-call consumers or ask for personal details out of the blue. It has recommended that anybody concerned should contact ActionFraud – the UK's national fraud and internet crime-reporting centre.

London Stock Exchange (LSE):

No new developments this week.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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