Text of this speech, given at a BBA complaints seminar, follows. He discusses complaints management and argues: “we don’t think there is a panacea or one regulatory lever that can be pulled to make everything work perfectly. But we do think a solution can be found by going back to the consumer principles identified by President Kennedy 50 years ago today, that is: the right to safe products sold on an informed choice basis, within a market with competitive choice, at a fair and transparent price. These were radical ideas in swinging sixties America, and strange as it may seem, they remain radical when we talk about the UK financial services industry”.

FSA has confirmed that the firm entered the Special Administration Regime on 18 March 2012. Upon the application of the directors of the firm, the High Court has appointed Jane Moriarty and Samantha Bewick of KPMG LLP as joint special administrators. The administration follows the discovery of accounting irregularities which the company became aware of during the course of16 March 2012. Following this it quickly became apparent that the company was unable to continue in business and the directors and their advisors concluded that the best course of action, in order to mitigate losses for clients, would be to place the company into special administration. It is noted that the joint special administrators will review the client cash holdings positions and will return as much cash as possible directly to each client as soon as practicable, but that clients should be aware that any shortfall in the client money accounts will impact the amount of money that can be returned. ) WorldSpreads Limited enters Special Administration Regime A Q&A aimed at the firm’s customers was published on 20/03/12 - News for WorldSpreads Customers

A new version of the Regulation has been published. It is not marked up to show changes since the Regulation was announced as adopted (February 2012).

EBA has published the text of its comments to IASB on the above-mentioned draft.

In this press release, FSB encourages further work in the area of improving the information that external audits provide to prudential supervisors and regulators of financial institutions, including systemically important financial institutions. As part of this effort, the FSB will provide input to the Basel Committee’s ongoing revision of its external audit policy papers and to IAIS as it updates and enhances its policies with respect to external audits of insurance companies. In addition, FSB encourages work in reinforcing the effectiveness of audit regulation and has asked IFIAR to report on challenges and problems that its members have identified in their inspection programmes relating to external audits of financial institutions, including audits of SIFIs; responses by IFIAR members to those issues, including follow-up with external audit firms; and member recommendations concerning steps that could be taken by audit regulators and auditors to further strengthen external audits of financial institutions. FSB also encourages the continued efforts of IAASB, internationally, and other audit standard setters in their national contexts to improve the standards on information that external audits provide to investors and other financial report users.

The EC has announced that it will launch a public consultation in the form of a Green Paper inviting comments on the risks related to shadow banking and on possible measures to address these risks. It will aim to define what shadow banking actually is and what entities it covers.. On the basis of the outcome of this consultation, the EC will continue to engage in ongoing international work and will decide on appropriate follow-up at EU level. In addition to the consultation, a conference on shadow banking will take place in Brussels on 27 April 2012.

In this CP, FSA proposes how it will authorise and supervise certain firms intending to bid on auction platforms, as this practice becomes a regulated activity in certain circumstances. FSA will be required to specifically authorise certain firms intending to bid; namely investment firms, credit institutions and a category of firms that are exempt from MiFID. The CP also encompasses FSA’s consultation on the market abuse regime to be applied to trading on a Recognised Auction Platform and it is noted that the redress related part of the business standards section in chapter 3 constitutes a joint consultation by FSA and FOS. Responses are required by 19 April 2012.

Analysis of the city ‘shake up’ and the change in the way the MIFID directives are delivered. This article discusses the shift from the tripartite system involving the FSA, the Bank of England and the Treasury to a shift towards an all powerful Bank of England in handling of the financial strengths of banks and insurers and also in identifying long term systemic risk. Treasury minister Mark Hoban spoke of the shake-up in a recent speech: "Ineffective regulation and supervision of banking, and a banking system that pumped the economy full of cheap money, is the very reason we were confronted by a massive contraction in our economy. It is only through reform that we can ensure the stability of the financial sector as a foundation for the sustainable flow of lending to households and businesses across the economy

FRC’s Review Panel has published revised operating procedures which incorporate changes on sharing information with the Audit Inspection Unit (AIU) and on the circumstances in which the Panel may make an announcement about acompany’s report and accounts under review. The Panel’s scope includes reports required to be issued under the Companies Act 2006 and reports that are produced by issuers of listed securities and are required to comply with any accounting requirements imposed by listing rules (which has the meaning given by s103(1) FSMA.