Spotlight on the FCA

Our September forums will be held on 19 September in Huddersfield (12:30 until 4 pm) and on 26 September in central London (10:00 until 1:30pm).  The main subjects to be covered will be authorisations and variations of permissions when two managers from that department in the FSA will be discussing current issues on these topics.  This will be fully interactive so please come armed with plenty of questions and comments.  There will also be a short general update on FSA items from David Thompson of the FSA’s communications department. 

Registration for these events is now open, for more details of these event please see the Northern Forum news item or the Southern Forum news item.

Representatives of the APCC Steering Council met with the FSA Permissions Department in April 2012 to discuss developments within that department and to review the working guidelines.  The summary of the meeting and the updated guidelines are now available to logged in users of the website.

During this meeting the FSA asked that if any consultants were aware of prospective banking applicants that were jurisdiction shopping they contact James Borley at the FSA.

In addition the FSA noted that during the Olympics and ParaOlympics many of their staff would be working from home due to likely travel and other disruptions during this period.  As a result authorisation applications should be submitted both in paper and electronic form if they are to be dealt with during the extended Olympic period.  More details on this can be found here.

The event was aimed at consultants who carry out assessments of the quality of regulated firms handling of complaints. At the event the FSA set out its findings on regulated firm's complaints handling procedures and how it plans to deal with this area going forward. Consultants were able to ask questions and raise specific issues with the FSA on this subject.

A summary of the event, the presentation slides and the questions and answers session are available to members. 

As at 1 December 2010 there were only 7 documents containing FSA confirmed industry guidance.  These can all be found on the FSA website by clicking here. 

The confirmed guidance deals with:

• Banking Conduct of Business
• MiFID Connect - Outsourcing
• MiFID Connect - Suitability and Appropriateness
• MiFID Connect - Investment Research
• AIC guidance on Investment Policies
• Transparency and conflict of interest disclosure in the commercial insurance market
• IMA - Paperless renounciation/transder of units/shares in investment funds

Mortgage market review:  The FSA is putting on roadshow for intermediaries on the review in December and January in a number of locations in England and Scotland.  All are fully booked except for the December 14 one in Edinburgh.  Click here for the FSA events page.

Liquidity Reporting: Workshops on liquidity reporting for banks and full scope BIPRU investment firms are being held by the FSA in January, February and March 2011.  Click here for the FSA events page.

Training and Competence Workshop:  The FSA is considering holding this workshop in 2011, email eventsbooking@fsa.gov.uk if you are interested in attending a workshop on this topic.

Seminars
Seminars for Compliance Consultants/Officers, January - March 2010, Edinburgh, London and Manchester
Sessions available are: What does a good firm look like; and General investments. Further information and booking details are available here.

Briefings
ARROW® II breakfast briefings - ask the regulator, February - May 2010, London Limited to a maximum of 10 participants, this is your chance to ask the ARROW team straight questions and get straight answers on any aspect of ARROW® II. Further information and booking details are available here.

CONFERENCES
Insurance sector conference, 18 March 2010, London EC1
This full day conference is an opportunity for the FSA to set out its regulatory priorities for the sector and answer the industry's questions. The conference offers delegates the opportunity to hear from the senior management team at the FSA as well as from senior industry practitioners and wider market commentators. Confirmed FSA speakers/panellists include: Jon Pain, on intensive supervision; Sally Dewar, on Solvency II; and Dan Waters, on conduct risk. Further information and booking details are available here.

Enforcement conference, 22 June 2010, London EC1
A one-day conference exploring the effect of FSA enforcement and how it changes the behaviour of the firms and individuals regulated by the FSA. This conference will evaluate progress against the FSA's credible deterrence objective and examine the role of enforcement in ensuring regulatory compliance. It will include panel discussions and debate around how enforcement action affects the way firms do business, the merits and effectiveness of sanctions in retail and wholesale markets and the priorities for the FSA's Enforcement division in 2010 and beyond. Confirmed speakers include: Hector Sants (Chief Executive, FSA) and Margaret Cole (Director of Enforcement and Financial Crime Division, FSA). Further information and booking details are available here.

WORKSHOPS
Liquidity reporting workshops, January - March 2010, various locations
The FSA recently published new rules on liquidity which put further requirements on firms - including providing the FSA with additional data relating to a firm's liquidity risk. The FSA is offering a series of half-day workshops for basic products and advanced products to help you identify the relevant data items, frequency and submission deadlines that apply to different categories of firms at solo, group and whole firm levels. They will also provide you with the opportunity to learn more about the new data items with particular emphasis on worked examples of how to report typical product types. Further information and booking details are available here.

Risk Management Symposium
Sunday 11 - Tuesday 13 July 2010, St John's College Cambridge
Residential event led by Lyndon Nelson, Director - Risk Management, Financial Services Authority.  The event begins on Sunday 11 July with a formal dinner and keynote address from Sally Dewar, Managing Director, Risk Business Unit. It is intended to bring together risk specialists, regulators and industry practitioners to discuss current issues in risk management - such as valuation, stress-testing and governance. To register interest contact kathy.mccall@fsa.gov.uk

For full details of all FSA events please visit: http://www.fsa.gov.uk/Pages/Doing/Events/index.shtml

The stated cause of these delays has been the more intrusive approach of the FSA to processing applications.  Anecdotal evidence is that this has been exacerbated by a reduction in staff numbers (possibly caused by secondment of staff to other activities), the movement out of the department of specialised case officers and general loss of morale.  

The FSA has refused to publicise these processing delays on its website however Sharon Campbell who was recently appointed head of the permissions department wrote to the APCC in November confirming these delays and stating that they were expected to be temporary.  The APCC responded to this in December asking for more information which we are expecting in early 2010.

As soon as we have further information we will update this news item.  In the meantime the FSA is still stating that "Generally speaking, a straightforward application takes between two and three months".  If  you have any information/examples of delays on this then please do contact us at admin@apcc.org.uk. 

The FSA has announced a program of training which is open to all consultants. The program is primarily focussed on retail issues however some of the training seminars will be applicable across all firms. More details of the program can be found at http://www.fsa.gov.uk/pages/Doing/events/compliance.shtml. The APCC is offering a one-off £50 refund to each member firm that books one or more consultants on these seminars in the year to 30 June 2010. To claim this refund please fax a copy of the FSA seminar confirmation to the APCC.