At FSA’s May board meeting, it made:
- the Periodic Fees (2009/2010) and Other Fees Instrument 2009: this took effect from 1 June and changes the Glossary, FEES and DISP. Following consultation, some increases are less than proposed, although deposit takers will face an increase of more than 100 per cent;
- the Fees (Payment Services) (No 2) Instrument 2009: this amends FEES and the Glossary from 1 November 2009: the changes relate to tariff bases, minimum periodic fees for larger institutions and periodic fees for small payment institutions and small e-money issuers;
- the Compensation Sourcebook (Deposit Guarantee Schemes Directive Amendments) Instrument 2009: this takes effect on various dates up to the end of December 2010 and amends the Glossary and COMP. The changes include setting the compensation limit to whichever is the higher of £50,000 and €50,000, amending time limits, requiring firms to tell customers if they are not covered by FSCS and placing more controls over FSCS’ activities;
- the Recognised Investment Exchanges and Recognised Clearing Houses Sourcebook (Amendments to Recognition Requirements) Instrument 2009: this takes effect from 15 June and amends the Glossary and REC to reflect changes made by the Financial Markets and Insolvency Regulations 2009. FSA has not consulted on these changes; and
- the Periodic Fees (Unauthorised Mutual Societies Registration)(2009/2010) Instrument 2009: this took effect from 1 June and sets the fees for unauthorised mutual societies for the 2009/10 year.