Topics include: the importance of holding the right permissions; templates for disclosure documents; information about gap-fill requirements for structured products; process for waivers to RDR requirements; final guidance on replacement business and centralised investment propositions.

On 26 July 2012, the FSA Board made changes to the Handbook in instruments which defer the in force date of rules and guidance requiring platform service providers and nominee companies to provide fund information and voting rights (Retail Distribution Review (Platforms) (Amendment) Instrument 2012/43)

Text of the above follows. Topics include: MMR; RDR; regulation of consumer credit and FSCP’s priorities for next year. He comments: “The FSA has been being slow to act to stop mis-selling, to expose and publicise bad behaviour and to discourage the industry from launching products which are poor value. … We are looking forward to the FCA becoming an effective regulator, which is something the FSA has found difficult. To be fair, the FSA has made a serious attempt over the past two years to engage with outcome-focused regulation in the retail market, but the financial crisis has not made that easy. The conduct-focused role of the FCA gives it a better chance of meeting that aspiration, but to be effective it will have to be clearer than the FSA has been about what it expects and more determined to achieve what it sets out to do”.

Topics include: the recent platforms CP; information about gap-fill; FSA’s stance post-RDR on fund switches within pensions; and help with the independent and restricted advice requirements.

Further to its February 2012 consultation, FSA has now published finalised guidance and a summary of feedback received in respect of the above. This finalised guidance outlines the key components of the standard for independent advice; requirements for firms providing restricted advice; requirements for how firms hold themselves out; advice tools and investment strategies, and how their use may influence the ability of firms to meet the independent advice rules; and professional standards and how differences between the qualifications and skills of advisers may affect the ability of advice to meet the independent advice rules

Topics include: research on RDR readiness; policy updates and assessing suitability.

LSB has published these two reports. The first report assesses the extent to which subscribers comply with the Lending Code and its new requirements in relation to credit assessment and the use of credit reference agencies, and set out to identify areas where LSB may wish to recommend its board any change, as well as providing examples of good practice that could be shared generally with subscribers. “Green” ratings were issued in respect of the six subscribers reviewed - no 4 breaches of the Lending Code or management weaknesses were found and no remedial action plans were required. The second report assesses the extent to which subscribers comply with the new requirements of Section 5 of the Lending Code and also set out to ensure that subscribers made customers who are in, or who are likely to experience, financial difficulties aware of their ability to opt out of an unarranged overdraft and set out to identify areas where LSB may wish to recommend its board any change, as well as providing examples of good practice that could be shared generally with subscribers. The scope of this review included pre-sale, point of sale and post-sale documentation and procedures for those subscribers currently offering customers the ability to opt out of unarranged overdrafts. “Green” ratings were issued in respect of the three subscribers reviewed, but it is noted that although they were generally compliant with the standards in the Lending Code and no specific breaches were identified, recommendations were made to each of them in order to improve the information provided to their customers about the opt-out facility.

Text of the above, given at the FT Intermediary Forum, follows. Topics include: what FSA has been doing to help firms prepare for RDR; recent developments; professionalism requirements; adviser charging; independent v restricted advice. She also briefly discusses UK regulatory reform. Getting ready for the Retail Distribution Review (RDR)

Text of the above, given at the FT Intermediary Forum, follows. Topics include: what FSA has been doing to help firms prepare for RDR; recent developments; professionalism requirements; adviser charging; independent v restricted advice. She also briefly discusses UK regulatory reform.

Further to the September 2011 guidance consultation, FSA has now finalised the advice and published a summary of feedback received. This guidance outlines how the regulatory regime applies to simplified advice processes, with particular focus on professional standards and the suitability, adviser charging and disclosure requirements. It also outlines considerations for firms in choosing an appropriate product suite.