FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
148 Section six – Appendices Appendix 6a 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 Conduct of Business New sourcebook, including MiFID and UCPD implementation Marketing communications and financial promotions Softing and bundling (retail aspects) 24 ✔ Consultation Paper CP06/19 Reforming Conduct of Business Regulation published on 31 October ✔ Feedback Statement PS06/5 Bundled brokerage and soft commission arrangements for retail investment funds published on 29 June 52 53 ✔ Consultation Paper CP06/20 Financial promotion and other communications published on 31 October 66 67 ✔ Rules made (MiFID aspects) PS07/2 Implementing the Markets in Financial Instruments Directive (MiFID) published on 26 January ✔ Rules made (MiFID aspects) see PS07/2 under milestone 66 above Single and dual pricing for Authorised Collective Investment Schemes 25 ✔ Consultation Paper CP06/7 Single and dual pricing for authorised collective investment schemes published on 20 April 54 ✔ Rules made refer to Handbook Notice 58 68 ✔ Implementation Refer to Handbook Notice 63 UCITS – eligible assets/permitted Links SIPPs Effectiveness review: Depolarisation Effectiveness review: Mortgage stage 1 Effectiveness review: GI stage 1 Payment protection insurance 11 26 Depolarisation: compliance review ✔ Published on 30 March refer to Consumer Research 48 27 28 ✔ Consultation Paper CP06/5 The regulation of personal pension schemes including SIPPs published on 3 April ✔ Begin Stage 1 Review 43 ✔ Second stage thematic work Report on Stage 1 Review ✔ Mortgage effectiveness Stage 1 Report published on 27 September 55 56 9 ✔ Rules made PS06/7 The regulation of personal pension schemes including SIPPs – Feedback on CP06/5 and made text published on 29 September 69 ✔ Consultation Paper CP07/7 Permitted Links for Long Term Insurance Business published on 28 March (see also CP07/6 under milestone 71) ✔ Report on Stage 1 Review – ICOB Review Interim Report: Consumer Experiences and Outcomes in General Insurance Markets published on 21 March 13 Equity release 29 ✔ Second stage thematic work Home reversions and Ijara home purchase plans Wider-range Retail Investment Products 12 30 ✔ Consultation Paper CP06/8 Regulation of Home Reversion and Home Purchase Plans published on 27 April Feedback on DP on Wider-range Retail Investment Products ✔ FS06/3 published on 23 March 57 ✔ Rules made PS06/12 Regulation of Home Reversion and Home Purchase Plans – Feedback on CP06/8 and final rules published on 30 October 70 71 14 Implementation ✔ Consultation Paper CP07/6 Funds of Alternative Investment Funds (FAIFs) published on 27 March
Section six – Appendices Appendix 6a 149 Milestone delivered Milestone changed (refer to Appendix 6b) Milestone delivered early (refer to Appendix 6b) MILESTONES FOR 2006/07 – IMPROVING OUR BUSINESS CAPABILITY AND EFFECTIVENESS Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Launch of new ARROW 2 framework Fees and costs Fees Calculator for all firms Credit facilities for payment by instalments for 2006/07 fees and levies Costs of Regulation Project Better Regulation ✔ Consultation Paper CP06/2 was published on 2 February 14 13 Roll-out – Online Fees Calculator available to all firms ✔ Rolled out in February 31 32 33 34 Begin roll-out ✔ from end-March ✔ Policy Statement PS06/2 Regulatory fees and levies 2006/07 – including feedback on CP06/2 and ‘made rules’ published on 31 May Roll-out ✔ 31 March Report – The Cost of Regulation Study ✔ was published on 28 June 72 Consultation Paper CP07/3 Regulatory fees and levies 2007/08 was published on 6 February Update to Action Plan Review of industry codes FSCS Funding Review Integrated Regulatory Reporting Financial reporting by CRD firms Regulatory reporting by MiFID firms Introduction of revised returns for insurance companies and some friendly societies Review the MLAR, RMAR and Complaints return Easier to do business with 16 Begin review of industry codes ✔ Discussion Paper ✔ DP06/1 FSCS funding review published on 21 March 17 18 2 15 ✔ Consultation Paper CP06/11 published on 31 May ✔ Consultation Paper 35 New reporting forms due from insurers and friendly societies ✔ Returns due March 44 CP06/11 published on 31 May 45 7 Consultation Paper CP07/5 FSCS funding review – including feedback on DP06/1 published on 20 March Begin Review ✔ Review began in mid-september 58 10 59 Better Regulation Action Plan Progress Report ✔ was published on 28 June ✔ PS06/10 Integrated Regulatory Reporting (IRR) Credit institutions and certain investment funds – Feedback on Part 1 of CP06/11 and made text for 2007 reporting published in October 73 74 15 Implementation ✔ Policy Statement PS07/1 Integrated Regulatory Reporting (IRR): Certain investment firms – Feedback on Part 2 & 3 of CP06/11 and made text published on 26 January New authorisation application packs for financial advisers and M&GI firms Introduction of new authorisation application pack for SIPPs, Home Reversion and Ijara Home Purchase Plans Relaunch Contact Centre service 19 Roll-out of new authorisation application packs for financial advisers and M&GI firms ✔ Launched on 28 March 2006 36 Relaunch ✔ end-March 46 Roll-out ✔ New application packs launched on 21 September 60 ✔ First applications due Applications now received using the new authorisation application packs
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Section six – Appendices<br />
Appendix 6a<br />
149<br />
Milestone delivered Milestone changed (refer to Appendix 6b)<br />
Milestone delivered early (refer to Appendix 6b)<br />
MILESTONES FOR <strong>2006</strong>/<strong>07</strong> – IMPROVING OUR BUSINESS CAPABILITY AND EFFECTIVENESS<br />
Q1 <strong>2006</strong> Q2 <strong>2006</strong> Q3 <strong>2006</strong> Q4 <strong>2006</strong> Q1 20<strong>07</strong><br />
Launch of new ARROW 2 framework<br />
Fees and costs<br />
Fees Calculator for all firms<br />
Credit facilities for payment by<br />
instalments for <strong>2006</strong>/<strong>07</strong> fees and levies<br />
Costs of <strong>Regulation</strong> Project<br />
<strong>Better</strong> <strong>Regulation</strong><br />
✔ Consultation Paper<br />
CP06/2 was published<br />
on 2 February<br />
14<br />
13<br />
Roll-out – Online Fees<br />
Calculator available to<br />
all firms ✔ Rolled out<br />
in February<br />
31<br />
32<br />
33<br />
34<br />
Begin roll-out ✔ from end-March<br />
✔ Policy Statement PS06/2 Regulatory fees<br />
and levies <strong>2006</strong>/<strong>07</strong> – including feedback on<br />
CP06/2 and ‘made rules’ published on 31 May<br />
Roll-out ✔ 31 March<br />
<strong>Report</strong> – The Cost of <strong>Regulation</strong><br />
Study ✔ was published on 28 June<br />
72<br />
Consultation Paper<br />
CP<strong>07</strong>/3 Regulatory<br />
fees and levies<br />
20<strong>07</strong>/08 was<br />
published on<br />
6 February<br />
Update to Action Plan<br />
Review of industry codes<br />
FSCS Funding Review<br />
Integrated Regulatory <strong>Report</strong>ing<br />
Financial reporting by CRD firms<br />
Regulatory reporting by MiFID firms<br />
Introduction of revised returns for<br />
insurance companies and some<br />
friendly societies<br />
Review the MLAR, RMAR and<br />
Complaints return<br />
Easier to do business with<br />
16<br />
Begin review of<br />
industry codes ✔<br />
Discussion Paper ✔ DP06/1 FSCS<br />
funding review published on 21 March<br />
17<br />
18<br />
2<br />
15<br />
✔ Consultation Paper CP06/11<br />
published on 31 May<br />
✔ Consultation Paper<br />
35<br />
New reporting forms due<br />
from insurers and friendly<br />
societies ✔ Returns due<br />
March<br />
44<br />
CP06/11 published on 31 May<br />
45<br />
7<br />
Consultation Paper CP<strong>07</strong>/5 FSCS funding review – including<br />
feedback on DP06/1 published on 20 March<br />
Begin Review ✔<br />
Review began in<br />
mid-september<br />
58 10<br />
59<br />
<strong>Better</strong> <strong>Regulation</strong> Action<br />
Plan Progress <strong>Report</strong> ✔<br />
was published on 28 June<br />
✔ PS06/10 Integrated<br />
Regulatory <strong>Report</strong>ing<br />
(IRR) Credit<br />
institutions and<br />
certain investment<br />
funds – Feedback on<br />
Part 1 of CP06/11 and<br />
made text for 20<strong>07</strong><br />
reporting published<br />
in October<br />
73<br />
74<br />
15<br />
Implementation<br />
✔ Policy Statement<br />
PS<strong>07</strong>/1 Integrated<br />
Regulatory <strong>Report</strong>ing<br />
(IRR): Certain<br />
investment firms –<br />
Feedback on Part 2<br />
& 3 of CP06/11 and<br />
made text published<br />
on 26 January<br />
New authorisation application packs<br />
for financial advisers and M&GI firms<br />
Introduction of new authorisation<br />
application pack for SIPPs, Home<br />
Reversion and Ijara Home Purchase Plans<br />
Relaunch Contact Centre service<br />
19<br />
Roll-out of new authorisation<br />
application packs for financial<br />
advisers and M&GI firms<br />
✔ Launched on 28 March <strong>2006</strong><br />
36<br />
Relaunch ✔<br />
end-March<br />
46 Roll-out ✔<br />
New application<br />
packs launched on<br />
21 September<br />
60<br />
✔ First applications due<br />
Applications now received using the<br />
new authorisation application packs
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