Dear [FIRSTNAME],
The first two articles will be of interest as both speeches make it clear (and certainly from Hector Sants’ point of view) that although there will be changes in Regulators the general thrust of policies including the Retail Distribution Review (RDR) and other reforms will continue.
PS10/9 introduces some new regulatory requirements for mortgage advisers and the FSA now requires a new Controlled Function (CF) for a Home Finance Business Adviser (CF31) as well as extending the Compliance Oversight function (CF10).
The second article on page 3 headed ‘Regulation Round-up’ is worth a read as amongst other items it provides a good summary of financial crime in small firms.
You may have hoped that the speech by Sheila Nicoll (third article on page 3) would provide some insight into the proposed regulatory changes but, in fact, the ‘new’ approach is very much business as usual which is both intensive and intrusive and this will be continuing.
Clearly, if you are not familiar with the expression ‘tab napping’ then the second article on page 7 will, we hope, assist in broadening your vocabulary.
If we can be of further service on these or any other regulatory matters please remember your helpline 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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