guides and information sheets

Our Financial Regulation team regularly produces information sheets and guides to help its clients understand topical issues or recent changes in legislation.

Below, we provide links to the most recent updates:

• Why financial promotions are business critical and what should one look like
  What can firms do to minimise the risk of producing unclear, unfair or misleading financial promotions information?  The answer is to have in place, and follow, a comprehensive and joined up financial promotions policy.
• Payment Protection Insurance update and 10 top tips for a themed visit
  The Financial Services Authority (FSA) undertakes themed visits to authorised firms as a central part of its risk-based reviews of certain industry areas or practices. Here, we update on the latest round of PPI thematic work and provide some tips to help firms handle a themed visit.
• FSA extends regulation to the travel insurance industry
  The FSA has published a policy statement identifying the new rules that will apply to the sale of travel insurance sold alongside holidays – known as Connected Travel Insurance (CTI).
• FSA reminds firms to review their standard terms in consumer contracts
  The FSA published a report reminding firms of their obligation to ensure that all terms in their standard contracts meet legal and regulatory requirements.
• Outsourcing – an overview
  Outsourcing is defined as meaning "an arrangement of any form between a firm and a service provider by which that service provider performs a process, a service or an activity which would otherwise be undertaken by the firm itself"
• FSA begins enhanced strategy for 'smaller' firms
  Following thematic work on issues such as the handling of client money, the FSA is seeking to 'flex its muscles' so that every regulated firm, regardless of size, understands that it is on the radar and can be subject to enforcement for non-compliance with the FSA's principles and rules.
• Wider implications of accepting third party commissions by brokers following the Hurstanger case The Hurstanger case highlights some important points for brokers who accept third party commissions. This information sheet provides the background to the case and its implications.
• Complaints handling: FSA fines adviser £42,000 for management and complaints handling failings Detailed rules apply to FSA-regulated and consumer credit licence-holding firms. This information sheet looks at the rules and outlines the steps senior management should take to ensure the appropriateness of their complaints-handling procedures.
• FSA confirms industry guidance on outsourcing rules for regulated firms from 1 November 2007The FSA’s Risk Outlook 2007 identifies controls in outsourcing arrangements between group companies of recognised bodies as a high-priority issue to tackle this year. Affected firms must ensure that new and existing outsourcing arrangements will meet the FSA’s new requirements from 1 November 2007. This information sheet outlines what the new rules are and what firms are affected.
• FSA to regulate Home Reversion and Home Purchase Plans from 6 April 2007The new FSA regulation affects:
  • providers offering Home Reversion (HR) and Home Purchase Plan (HP) products; and
  • anyone advising or overseeing the sale of non-advised HR and HPs
• Financial Ombudsman Service and the Consumer Credit Act 2006From 6 April 2007 the Financial Ombudsman Service will have jurisdiction over consumer credit disputes.  All firms holding a standard consumer credit licence from the Office of Fair Trading will be affected.

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