Be ready to document and defend your assessment of any relevant situation as well as your decision-making. Actions for firms Although the Risk Outlook and Business Plan documents do not require immediate action from firms, they do require important consideration now and going forward into In reaching its conclusions, the FSA will seek the right balance between protection for consumers, sustainability of the market and consumer choice.
Our annual report lays out clearly how we perform in relation to our objectives as set out in the Business Plan. The PRO provides the FSA with an understanding of the overall macroeconomic and financial trends so that it can place its work towards these statutory objectives in context. To print this article, all you need is to be registered on Mondaq.
The FSA is looking to develop its internal operating systems to improve its market surveillance and supervisory analysis. Taking the example of product design risks, the FSA opened debate on this subject with its Discussion Paper in January One way in which the FSA will look to combat this is by continuing its credible deterrence strategy, in particular to ensure that firms improve and maintain their systems and controls — an area in which several fines were levied against firms last year.
That transformation has had to be implemented while also ensuring strong focus on major current financial stability risks. However, the enforcement fines the FSA imposes during the previous year are returned to the industry by way of discounts to their fees in the following year.
Although the FSA has stated that it is not planning any major new initiatives over the next year, it is clear that it intends to continue its more aggressive enforcement of current initiatives and risks. In the Business Plan, the FSA indicates it is not only prepared to use its existing powers to prevent detriment, but that it is also looking to take action before there is widescale detriment.
Consequently, firms should be on notice as to which areas the FSA is likely to focus on and the message from the FSA is that firms should be proactive in addressing those issues before they escalate into greater concerns.
Delivering a reduction of financial crime — reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime. Reflecting the extensive resources needed for the regulatory reform programme and the need to recognise the difficult economic circumstances for many firms, the FSA is not planning any new discretionary initiatives and is capping headcount at the current level.
Delivering financial stability — contributing to the protection and enhancement of the stability of the financial system. The increase will be borne by larger firms, reflecting the recently increased resources applied to intensive supervision of high impact firms.
Continued progress in developing a new consumer protection strategy: Until then the FSA will continue to deliver on its statutory objectives and implement the major initiatives that are already underway. One of these is that the FSA intends to continue with its more aggressive and intrusive supervision style, even with the change of regulatory structure.
The new UK financial services regulatory structure All of the above is set against the coming changes to the regulatory structure in the UK. In the summer the FSA will publish an indicative cost benefit and impact analysis of a full package of proposed rules, and follow this up with its final package of rule changes in early The two biggest policy initiatives are Solvency II and influencing the substantial international prudential reform agenda, especially in respect of Basel III.
The level of abnormal price movements prior to company announcements, which the FSA uses to measure market cleanliness, continued to decline from A few examples of areas that the FSA identifies as emerging risks are: In particular, this will see the translation into law of the Basel III agreements and the resolution of the remaining issues on Solvency II.
Delivering market confidence — maintaining confidence in financial markets. One of the messages to banks is that they should continue to dispose of non-core, risky assets as and when market conditions allow. Financial crime Beyond consumer protection, another area that is likely to come under heavy scrutiny from the FSA is the use of the financial services industry to commit financial crime.
In respect of the MMR, the FSA will this summer publish an indicative cost benefit and impact analysis of a full package of proposed rules. It may result in more challenges to our actions The next stage effectively starts in April when a move to a new management structure takes place, with the current Risk and Supervision Business Units to be replaced by the Prudential Business Unit and Conduct Business Unit.
The FSA nevertheless remains conscious of the need to work with the industry to ensure that the changes occur in as smooth a manner as possible and to this end the FSA has set up a workstream looking at what support industry needs.
The FCA will have a dedicated focus on customer and investor protection challenges in both the retail and wholesale markets. The FSA will continue with its consumer protection strategy, launched in Marchwhich seeks to actively anticipate consumer detriment and stop it before it occurs.
Adair Turner, FSA chairman, said: The RCRO explains that these risks will and already do require attention from firms and supervisors. The FSA will be using the macroeconomic parameters in this report when conducting its supervisory stress tests of major banks during The low interest rate environment — this section considers the risks created by a low interest rate environment, as well as those that will be created when the interest rate environment returns to more normal levels.
Delivering regulatory reform — preparing for the new firm-specific financial regulation regime in the UK. The production of this document will in future fall under the ambit of the Financial Conduct Authority.December 6 – 8, Salt Lake City, Utah FSA Budget and Fiscal Issues FSA Budget Reimbursable Issues Administrative Fees Interagency Service Agreements.
APFO Budget Past, Present and Potential Future. • Realign business plan with Partners • Adjust administrative fee system. On 22 March the Financial Services Authority (FSA) published its Business Plan for / The plan sets out the FSA's programme of work for the transitional year ahead and is intended to address the risks highlighted in the Retail Conduct Ris.
A first-round draft pick by the Phoenix Suns inBogdanovic made his NBA debut with the Kings last season and averaged points. Learn what you need to know about the FSA Business Plan /12 and how it affects you.
Need help? Call +44 (0)20 now. At a summit in Austria on Thursday, EU leaders rejected May’s “Chequers” plan, saying she needed to give ground on trade and customs arrangements for the UK border with Ireland. “I am not.
support HMT and the FSA in their deliberations over RBS’ potential exit from the Scheme in the course of the year. 4 APA’s Business Plan More information on these can be found in Chapter 2 of this report. Annual Report and Accounts of the Asset Protection Agency.Download