Dear [FIRSTNAME],
Most Newsletters have a theme and this week’s edition has two: Speeches, and Consultation Papers - with some heavy duty subjects.
If you are involved in the mortgage market in any way at all then the lead article will have an impact upon you with more intervention from the FSA’s strategy of ‘enhanced consumer protection’. It is a Consultation Paper and as always we would encourage you to respond, in this case by 16 November.
There is the usual rash of enforcement notices and the top article on page 3 highlights a heavy fine of £630,000 for a firm breaching two Principles: Principle 3 (Management and Control), and Principle 6 (Consumers’ Interests). These are broad Principles which give the FSA plenty of scope for interpretation and leads us to remind you of Senior Management’s responsibility to keep very specific documentation to prove that your SYSC is effective, and all of your documentation to prove your compliance with Principle 6, which includes the TCF requirements.
I am confident that you will have read the headline news that the Treasury intends to remove the requirement to annuitise by age 75 and the second article on page 7 gives you a summary and a link to the Consultation Paper on this. Another Consultation Paper features in the second article on page 8, but this one is an ‘informal’ one from the Treasury and reads like a Government u-turn after industry pressure. The pensions subject continues on page 9 with the ABI calling for immediate action on pension reform.
If we can be of further service, particularly on the SYSC and TCF subjects, we would of course welcome your call. Please remember your complementary help line: 08456 121211, or you can contact us by emailing queries@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
To view this report you will need Adobe Reader installed on your computer. Download Here
If you are unable to view the attached newsletter you may view it from our archive page
If you do not want to receive any more newsletters please visit our subscriptions page using the link at the bottom of this email.
QBE Insurance (Europe) Limited “QIE” (No. 1761561) is authorised and regulated by the Financial Services Authority. Ensign is a trading name of QIE. Limit Underwriting Limited “LUL” (No. 1035198) is a managing agent for Syndicates at Lloyd’s and is authorised and regulated by the Financial Services Authority. DA Constable Syndicate Limited (No. 2262145) and Limit Technology & Commercial Underwriting Limited “LTCUL” (No. 3515409) are appointed representatives of LUL. Icon Insurance and Praemunio are trading names of LTCUL. QBE Management (UK) Limited (No. 3153567) is a service company and QBE International Holdings (UK) PLC (No. 2641728) is the holding company for QBE European Operations, a division of the QBE Insurance Group. The above companies are registered in England and Wales at Plantation Place, 30 Fenchurch Street, London EC3M 3BD. QBE Reinsurance (Europe) Limited (No. 53272) is registered in the Republic of Ireland at St. Stephen's Green House, Earlsfort Terrace, Dublin 2.
CONFIDENTIALITY NOTICE
This e-mail is intended only for the addressee named above. As this e-mail may contain confidential or privileged information, if you are not the named addressee or the person responsible for delivering the message to the named addressee, please telephone us immediately on +44 (0)20 7105 4000.
Visit our website at http://www.QBE.com/
