Compliance News
New Limit for FOSPosted by H3 on 2011-05-27 15:10:29 BSTNew complaints handling rules have been confirmed by the FSA and an increase in the FOS award limit from £100,000 to £150,000. read more...FSA Fee CalculatorPosted by Admin on 2011-05-20 16:42:35 BSTIn the recently issued Regulation Round Up the FSA have confirmed that their online fee calculator will be updated at the end of May to allow firms to calculate the level of their forthcoming fees. read more...FOS sees spike in PPI complaints but mortgage disputes dropPosted by Admin on 2011-05-20 16:35:02 BSTThe Financial Ombudsman Service saw a large increase in the total number complaints received mainly due to media attention of mis-sold PPI. It has published its annual review covering the financial year, which reveals that in 2010/11 it received 7,067 mortgage complaints, down from 7,469 in 2009/2010 and 7,602 in 2008/2009. However 51% of the new cases were about the sale of payment protection insurance (PPI) with the number more than doubling to 104,597 – the highest number ever received in a year about a single financial product read more...ICOBS Oral Disclosure DeadlinePosted by H3 on 2011-05-09 12:47:33 BSTIf your firm has sold pure protection insurance then you should have received the FSA’s ‘Dear Compliance Officer’ letter dated 29th November 2010. This requires all firms selling pure protection contracts to undertake a review of their processes and confirm in writing to the FSA that they are meeting the oral disclosure requirements of ICOBS. A deadline of six months was given to complete this check – which will expire at the end of May. read more... Base Rate remains on holdPosted by Admin on 2011-04-07 12:37:12 BSTThe Bank of England MPC has announced that base rate will remain at 0.5% - at least for one more month. Higher than expected inflation figures last month and a number of indicators suggesting that the economy was beginning to recover more strongly had pushed the case for rate rises, but events in the last few days have suggested that the economy may not be able to stomach a rise just yet! read more...New FSA Client Money Rules AnnouncedPosted by Admin on 2011-04-01 17:29:26 BSTFollowing on work which highlighted the shortcomings in current auditing practices involving client money the FSA has announced additional requirements which will take effect from 1st June 2011. read more...FOS funding crisis - emergency levy may be required.Posted by Admin on 2011-03-28 15:59:17 BSTThe Financial Ombudsman Service may have to impose an emergency levy on all firms following the refusal of many firms to pay case fees for PPI complaints whilst the results of the British Bankers Association Judicial Review are awaited. read more...PPI Sale Ban ConfirmedPosted by H3 on 2011-03-25 16:31:21 GMTThe banning of payment protection insurance at point of credit sale has now been confirmed by the Competition Commission. A seven day gap between the quote being issued and the PPI sale must be followed. A number of additional rules have also been introduced. read more...FSA 'won't ban interest only'Posted by Admin on 2011-03-22 14:33:40 GMTIn its Business Plan for 2011/12 published today, the FSA has insisted that the Mortgage Market Review (MMR) will not become a 'one size fits all' exercise and that they will look to balance consumer protection against consumer choice. read more...Increases in inflation AND government borrowing suggest a Budget with little to give awayPosted by Admin on 2011-03-22 14:20:37 GMTFigures released today showing a further increase in the Consumer Prices Index to 4.4% in February coupled with the highest public borrowing for that month since modern records began in 1993. read more...
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