At FSA’s May Board meeting, it made the following new rules:
- The Periodic Fees (2011/2012) and Other Fees Instrument 2011 and the Periodic Fees (Unauthorised Mutual Societies Registration) Instrument 2011 amend the Glossary and the Fees Manual from 1 June 2011 and set the fees and levies for the FSA, Money Advice Service and the Financial Ombudsman Service (FOS) for 2011/12. FSA has published its annual consolidated policy statement on its fee-raising arrangements to accompany the instruments, explaining how it raises fees.
- The Conduct of Business Sourcebook (COBS) (Automatic Enrolment into Qualifying Pension Schemes) Instrument 2011 amends COBS and the Glossary from 1 October 2012 to remove the requirement to include a statement about stakeholder pensions in the key features document for an automatic enrolment scheme and to permit providers to opt out of the process. The changes reflect amendments to pension laws.
- The Client Assets Reporting (Amendment No. 2) Instrument 2011 amends the Client Assets Sourcebook (CASS) and the Supervision Manual (SUP), mainly from 1 October 2011, and implements the Client and Money Asset Return (CMAR) for medium and large firms through the existing GABRIEL system and defers the CMAR reporting requirements by four months. FSA will consult later this year on implementing the CMAR requirement for small firms.
- The Listing Rules Sourcebook (Amendment No. 7) Instrument makes minor amendments to the Listing Rules and the Glossary from 6 June 2011 to update and clarify various provisions.
- The Dispute Resolution: Complaints (DISP) (Amendment No. 3) Instrument 2011 amends the Glossary and DISP on various dates between 1 July 2011 and 1 July 2012. The changes abolish the two-stage complaint-handling process, make firms identify a senior individual responsible for complaints handling, and give guidance on how FSA expects firms to conduct root-cause analyses and to take account of ombudsman decisions and previous customer complaints. From 1 January 2012, the maximum award the FOS can make will increase to £150,000. FSA and FOS are also consulting on amending the definition of “eligible complainant” to allow customers who are wrongly pursued by a debt-owning firm to complain to FOS, in the same way that those wrongly pursued by a debt collector can. FSA asks for comments on this proposal by 31 August.
(Source:Handbook Notice 110, Policy Statement 11/7 on Fee-Raising, Policy Statement 11/8 on Pension Reform, Policy Statement 11/6 on CMAR Implementation and CP11/10: Ombudsman Awards and Changes to Complaints-Handling Rules)