FSA Annual Report 2006/07 - Better Regulation Ltd

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146 Section six – Appendices Appendix 6a Milestone delivered Milestone changed (refer to Appendix 6b) Milestone delivered early (refer to Appendix 6b) MILESTONES FOR 2006/07 – PROMOTING EFFICIENT, ORDERLY AND FAIR MARKETS Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Markets in Financial Instruments Directive (MiFID) Systems and controls (including CRD requirements) Aspects other than conduct of business and systems and controls Hedge Funds 1 Feedback on Discussion Paper ✔ FS06/2 published on 23 March 20 ✔ Consultation Paper CP06/9 Organisational systems and controls – Common platform for firms published on 23 May 47 37 ✔ CP06/14 Implementing MiFID for Firms and Markets published on 31 July ✔ Rules made (for CRD aspects) PS06/13 feedback on CP06/9 published in November 61 62 ✔ Rules made PS07/2 published on 26 January ✔ Implementation of CRD aspects 1 January 2007 Refer to Handbook Notice 60 Capital Requirements Directive (Implementation in the EU of revised Basel framework) Reinsurance Directive Transparency Directive and Investment entities review Listing Rules update 2 3 Consultation Paper with full draft Handbook text ✔ CP06/3 published on 28 February Consultation Paper on implementation ✔ CP06/4 published on 30 March CP06/12 ✔ 38 5 Implementing the Reinsurance Directive published on 20 June 49 39 6 48 ✔ Rules made refer to Handbook Notice 60 ✔ CP06/17 Amendments to the Prospectus and Listing Rules published on 5 October ✔ Rules made refer to PS06/11 published on 27 October 63 64 11 ✔ Implementation 1 January 2007 Refer to Handbook Notice 60 ✔ Implementation 20 January 2007 Refer to Handbook Notice 61 Transparency in secondary bond markets 21 3 Feedback on Discussion Paper ✔ FS06/4 published on 5 July Credit Derivatives Reduction of backlogs to acceptable levels 40 Follow-up with industry ✔ Backlog targets achieved 30 June Financial Crime Handbook Review (Money Laundering) Fraud governance 4 5 Rules made/Implementation ✔ Press Release on streamlining money laundering rules for firms published on 27 January Report ✔ Firms’ High-Level Management of Fraud Risk published on 27 February Corporate Governance Client money (General Insurance) 6 Begin follow-up with industry ✔ We have begun follow-up through senior management speeches to industry 41 Begin follow-up with industry ✔ Regional Governance Meeting held on 5 July
Section six – Appendices Appendix 6a 147 Milestone delivered Milestone changed (refer to Appendix 6b) Milestone delivered early (refer to Appendix 6b) MILESTONES FOR 2006/07 – HELPING RETAIL CONSUMERS ACHIEVE A FAIR DEAL Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Financial Capability Baseline survey results 7 Report – Publication of financial capability baseline survey results ✔ published on 28 March refer to Consumer Research 47 Debt test 8 Roll-out – Launch credit self assessment tool – ‘The Debt Test’ ✔ launched on 11 January National FinCap Strategy 9 Begin roll-out of National FinCap Strategy ✔ launched on 27 March Implementation of new consumer communication strategy 50 Roll-out ✔ http://www.moneymadeclear.fsa.gov.uk launched in November Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Service (FOS) Review of FSCS and FOS limits 22 ✔ Feedback Statement PS06/4 Review of Compensation Scheme and Ombudsman Service limits and miscellaneous amendments to the Compensation sourcebook published on 1 June Projections and product disclosure Point of sale information/disclosure Treating customers fairly Treating customers fairly Complaints Consultation Paper ✔ FS06/5 10 1 Point of sale investment product disclosure: Feedback on CP170 and CP05/12 published in October 4 23 Discussion Paper 42 51 Report ✔ Treating customers fairly: Towards fair outcomes for consumers published in July 8 Feedback Statement 65 12 Consultation Paper
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FSA Annual Report 2006/07 - Better Regulation Ltd

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