At FSA’s Board meeting on 22 July it made changes to the Handbook in addition to the CRD and FS Act changes mentioned above which amend:
- BIPRU in respect of the conditions a firm is to comply with if it is to operate the simplified ILAS approach;
- COBS to clarify the rules around approving promotions for an overseas firm to ensure that the firm takes reasonable steps and deals with UK retail clients in an honest and reliable way;
- CASS to amend an incorrect cross-reference;
- SUP to provide clarification on the time necessary for FSA to assess approved person applications, to improve the transparency of reporting requirements for payment services and to clarify the guidance on data item FSA015;
- LR and DTR to clarify aspects of application; and
- various parts of the Handbook but mainly LR in respect of references in FSA's rules to the Combined Code are consistent with the most recent Financial Reporting Council standards.
Most of the changes take effect from 6 August except those in respect of payment services reporting, which took effect immediately.