FSA made five sets of new rules at its March board meeting:
- the Handbook Administration (No 17) Instrument 2010 amends Glossary, COND, FEES, GENPRU, CASS, SUP, DISP, COMP, COLL and LR from 6 April 2010 (with minor exceptions from 31 December 2010) to make minor administrative corrections to the Handbook, none of which represents any change in FSA policy;
- the Fees Provisions (2010/2011) Instrument 2010 and the Fees Provisions (Amendment No 2) Instrument 2010 amends FEES from 1 April 2010 to set the levies and fees for FSA for 2010/2011 and make minor changes to the standing rules governing their application and calculation;
- the Building Societies Sourcebook Instrument 2010 amends Glossary, IPRU(BSOC), BSOCS and BSOG from 1 April 2010 (with deletions from IPRU(BSOC) from 1 June 2010 and deleting the rest of IPRU(BSOC) from 1 October 2010) to provide guidance for building societies, in a new sourcebook, to make transparent how societies can comply with the requirements of SYSC by aligning their business models and risk management capabilities; and
- the Retail Distribution Review (Adviser Charging) Instrument 2010 amends Glossary and COBS from 31 December 2012 to introduce new rules for advised sales of investments to retail clients, including a new independence standard, new charging rules designed to remove provider influence by banning commission, and disclosure requirements to give customers a clearer picture of the charges for advice.
FSA has also approved FOS making an instrument which amends the case fees and fee tariffs within FEES for FOS case fees.
(Source: FSA 2010/8 – 12; Handbook Notice 98; FSA/PN/055/2010; FSA/PN/056/2010; Policy Statement 10/6: Distribution of retail investments: Delivering the RDR - feedback to CP09/18 and final rules; Policy Statement 10/5: A specialist sourcebook for building societies: Enhanced supervisory guidance on financial and credit risk management; and FOS 2010/1)