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FSA to simplify approved persons regime

The Financial Services Authority has issued a consultation paper outlining a new proposal to merge the customer functions in the approved persons regime in response to feedback from the industry.

This feedback from retail and wholesale firms follows the publication of a consultation paper in July 2005 detailing a series of proposals to streamline and simplify the Handbook.

David Kenmir, managing director of regulatory services at the FSA, says: “Through our Handbook review programme, the FSA is removing regulations whose costs outweigh the benefits they bring.

The proposed merger of customer functions offers a further 1m annual saving for firms.”

The consultation paper also sets out the implications of the Markets in Financial Instruments Directive for the approved persons regime; reminds firms that it is their responsibility to carry out appropriate checks on their employees, and clarifies aspects of the FSA’s approval process.


More landlord cover taken out

There has been an 88% rise in the number of landlords’ building and contents insurance policies taken out in the past 12 months, says Paymentshield.

July lending reaches 19bn

Further lending figures from Major British Banking Groups show July’s gross mortgage lending was 19bn, some 7% below the record figure of 20bn in June, though 19% higher than the 16bn in July last year.

New lenders face a tough market, says Pink’s MD

Tony Jones, managing director of Pink Home Loans, has questioned whether now is the right time for new lenders to enter the market. He says the uncertainty of the housing market and predictions of an increase in the number of repossessions will not make it easy for new entrants. He adds: “There are a lot […]

Will new lenders’ technology result in the death of building societies?

Roger Morris is managing director of em-financialThe mortgage industry should be aware of how new technology will change things. Building societies need the ability to recognise this development and leadership that understands the speed of change and can invest in technology to compete. But most are far too institutionalised and cocooned in their own worlds […]


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