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The OFT has released updated guidance on the standards it expects from debt management firms or firms offering credit repair services. The guidance incorporates  previous versions including much of what was included in the consultation in June 2011. 

The chief executive of the Financial Services Authority (FSA), Hector Sants, has announced he will leave the regulator in June.

It means he will not take up his planned role as boss of the new the Prudential Regulation Authority (PRA) which is due to start operating in 2013.

How many files should I be checking?  I only complete prime cases, so do I need file checks? Will the FSA expect to see file checks as part of the current Business Risk Assessment Workshop (BRAW)?  Is it now easier to complete a compliant file as the industry has restricted the higher risk products? 

We receive regular requests from firms looking to obtain FSA authorisation. Not all these requests are from firms who are currently working under a network, we get several requests from new entries, either advisers looking to branch out and start a brokerage or people who haven’t been in the industry before.  The individuals making the requests for FSA authorisation are often a little apprehensive on what’s involved and so we feel it a good opportunity to review this subject in more detail.

The Chancellor George Osborne has revealed details about the Financial Services Bill that will overhaul regulation of the sector.

It will give the Chancellor the power to veto decisions made by the Bank of England when dealing with bank bailouts and other interventions.

The bill will replace the so-called Tripartite structure, introduced by the previous Labour government.

The FSA are now progressing with their final round of ‘housekeeping’ before they are abolished and replaced by the FCA.   The Regional Assessment Programme consists of Business Risk Awareness Workshops (BRAW) to which all small firms with retail clients will be invited, and then a follow-up regulatory review, called the Proactive Regulatory Review will be conducted with the firm.

The long awaited Mortgage Market Review Consultation Paper has finally been published by the Financial Services Authority.

Below we summarise the main points contained within the 585 page document – full details of which are available here.

The formal launch of a new scheme to combat mortgage fraud starts on the 1st September 2011. 

The Office of Fair Trading has warned sub-prime lender Swift, trading as Swift Advances and Swift Securities, that it must improve its lending and collections practices or it risks losing its Consumer Credit Licence.

The Mortgage Market Review proposals will not be published before early autumn, Lord Turner, chairman of the Financial Services Authority, has revealed in the FSA's public meeting held in London today.