FSA makes new rules

At FSA’s May Board meeting, it made two new Handbook instruments:

The Periodic Fees (2012/2013) and Other Fees Instrument 2012 amends the Fees Manual (FEES) and the Glossary with effect from 1 June 2012. It sets out the year’s periodic fees, special project fees in respect of Solvency 2 implementation, Money Advice Service fees and Financial Ombudsman Service levies. FSA has confirmed that it has imposed increases only where necessary and that the overall increase in fees will be borne mainly by larger firms, reflecting the intensive supervision of these firms that FSA carries out; and
The Compensation Sourcebook (COMP) (Deposit-taking Firms’ Disclosure Requirements) Instrument 2012 amends COMP from 31 August. The changes require disclosures that should increase consumer awareness about deposit protection. FSA also published a Policy Statement on the feedback it received to its consultation.