FSA has published its quarterly consultation. It plans changes to:
- IPRU(INS) in relation to submission of EEA statistical returns by insurers passporting into EEA Member States;
- GENPRU sourcebook to continue to apply the prudential filter when assets have been reclassified between specific categories;
- COLL so an umbrella scheme will no longer be required to launch one or more subsequent sub-funds within 24 months of the launch of the first sub-fund of the scheme;
- allow firms to pay by card when applying to vary their permissions;
- PERG to clarify the breadth of the "arranging" activity and the definition of personal pension schemes; and
- add to PERG guidance setting out FSA’s view on what packagers of structured products need to do to ensure their product does not amount to a collective investment scheme.
It asks for comments by 6 June.