At FSA's Board Meeting on 10 November, it made six new Instruments:

  • the Public Awareness Objective (Financial Services Act 2010) Instrument 2010 took effect from 11 November and removes references to FSA's public awareness objective from the Handbook following the 2010 Act;
  • the Financial Services Compensation Scheme (Deposit Tariff Base Amendment) Instrument 2010 takes effect from 11 December 2010 and clarifies the levy tariff base for deposit takers following implementation of the Single Customer View, which happens at the end of the year;
  • the Conduct of Business Sourcebook (COBS) (Recording of Telephone Conversations and Electronic Communications) Instrument 2010 takes effect from 14 November 2011. The new rule removes the exemption that allowed firms not to record calls from mobiles, and replaces it with an obligation to take reasonable steps to prevent the use of these devices if the firm is unable to record from them. FSA's feedback statement to its consultation on this change outlines industry's concerns on the cost and effectiveness of the changes, privacy issues and what FSA's "reasonable expectations" are that firms should prevent employees making relevant calls on personal mobiles. On the latter point, FSA stressed the test must be principles-based and that firms' procedures must reflect the reality of their business;
  • the COBS (Stewardship Code) Instrument 2010 takes effect from 6 December 2010 and requires asset managers to disclose their commitment to the Stewardship Code;
  • the COBS (Abolition of Contracting Out for Defined Contribution Schemes) Order 2010 takes effect from 24 November 2010 and amends the comparison rules for contracting out of the Second State Pension; and
  • the Client Assets Sourcebook (CASS) (Title Transfer) (Amendment) Instrument 2010 takes effect from 1 December. This controversial change restricts spread betting and other CFD providers from applying Title Transfer Collateral Arrangements in relation to retail clients. It also gives new guidance on what is "money due and payable" to a firm (again because of concerns about the activities of spread betting and CFD providers). These changes are in addition to the major changes in the CASS (Enhancement) Instrument made in October.