FSA’s latest quarterly consultation proposes changes to:

  • the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) to clarify that host state requirements apply when common platform firms conduct investment services and activities from a branch in that host state;
  • the Training and Competence Sourcebook (TC) to add to the list of appropriate qualifications and accredited bodies;
  • the Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU) and the Supervision Manual (SUP) to make minor changes to liquidity reporting requirements and standards and extend transitional arrangements for former Mismatch firms until the end of 2012;
  • the Conduct of Business Sourcebook (COBS) and the Banking: Conduct of Business Sourcebook (BCOBS) to give guidance on product descriptions that use the words “guaranteed”, “protected” or “secure”;
  • the COBS rules on adviser charging under the Retail Distribution Review (RDR) changes to clarify how consumers might cancel adviser charges without withdrawing investments already made;
  • the Compensation Sourcebook (COMP) to enable some occupational pension scheme trustees to claim under the Financial Services Compensation Scheme;
  • the Perimeter Guidance manual (PERG) to clarify guidance on property investment clubs and land investment schemes; and
  • SUP to make it easier for firms to submit written reports to FSA.

FSA needs comments by 6 August, except for comments on the qualifications and accredited bodies proposals, which it needs by 6 July. (Source: FSA Quarterly Consultation Paper No.29)