This EC services working document considers the need for action at EU level on fee transparency, account switching and access to basic bank accounts, and, if so, what measures could be taken in relation to one or all of these issues. Responses are required by 12 June 2012.

The note attached to final compromised text (which is not marked up) invites the Permanent Representatives Committee (Part I) to: approve the final compromise text, as set out in the annex to this note; confirm that the Presidency can indicate to the European Parliament that, should the European Parliament adopt its position at first reading in the form 15 set out in the annex to this note, the Council would approve the European Parliament’s position and the act shall be adopted in the wording which corresponds to the European Parliament’s position, subject, if necessary, to revision by the legal linguists of both institutions.

The Professional Oversight Board of FRC has published a description of those entities whose audits will be deemed to be “major audits” for the purposes of audit inspections in the year from 1 April 2012 to 31 March 2013. Such audits will fall within the scope of the work of its Audit Inspection Unit which selects the audits it reviews from this population, using a riskbased approach. Entities listed include UK building societies, private sector pension schemes with either more than £1,000m of assets or more than 20,000 members; friendly societies with total net assets in excess of £1,000m; UK OEICs and unit trusts managed by a fund manager with more than £1,000m of UK funds under management and mutual life offices whose “with-profits” fund exceeds £1,000m. (21/03/12)

This new publication replaces List! and will usually consist of a section on proposed revisions to Technical Notes and other information and the second will set out the text of the proposed amendments to the Technical Notes which FSA is consulting on. It aims to update the Technical Notes with the proposed amendments approximately four weeks after publishing the bulletin having regard to any responses received. The Technical Notes published following the consultation process will constitute FSA guidance. This first issue discusses the outcome of the detailed review of the UKLA helpdesk carried out during 2011.

ESMA has published the responses to this consultation, which are available to download inpidually via the following link.

FMLC has published the text of letters it has sent to HMT, TSC and the EC, setting out its concerns with regard to legal certainty in CRA III proposals, particularly with regard to the scope of liability.

Further to OFT’s December 2010 consultation, which aimed to clarify what OFT expects from creditors in terms of identifying and appropriately assisting borrowers who it is understood have, or suspected may have and limitations in their mental capacity which might impact on their ability to make informed borrowing decisions, OFT has now published a summary response.

TSC has published the uncorrected evidence from the hearing held on 13 March 2012 attended by NS&I execs. Topics include: NS&I products and whether they are unfairly advantaged over other savings providers; exec remuneration and costs to the organisation.

This paper (dated December 2011, but published in March 2012) identifies better practices for liquidity transfer pricing by drawing on the responses to an international survey that covered 38 large banks from nine countries. The survey focused on the enhancements banks are making to their LTP processes. (20/03/12)

Description and analysis of the Kyprios case; Macfarlanes argues this case is indicative of the FSA’s clear interest in misconduct relating to non-qualifying investments. They also raise the question of whether the FSA will seek to regulate ‘markets’ in large private company instruments such as PIK notes.