View more on these topics

Telos Solutions reminds brokers to prepare for FSA deadline

Telos Solutions, the change management and regulatory compliance consultancy has launched a campaign to remind mortgage and general insurance brokers to review their compliance, internal audit, risk and outsourcing audit processes before the end of April 2009.

Policy Statement 08/9 which was published by the FSA last autumn requires mortgage and general insurance Intermediaries to consider their approach to where MiFID firms have already had to strengthen their internal policies since November 2007.

“Organisational systems and controls – extending the common platform” is the policy statement title and has the deadline for implementation by non MiFID firms by the end of April 2009.

The FSA recognised in its consultation that although there is no requirement to use compliance consultancy firms, there is a likelihood that many firms would get additional support from this sector.

The Telos communication campaign includes press articles, on and off-line advertising and information mailings to its intermediary database.

Stephen Atkins, compliance director at Telos Compliance, says: “If asked by the FSA [at your next enhanced strategy FSA meeting] to describe your compliance, internal audit, risk and outsourcing audit processes would you be able to do this? Are they robust and sufficiently independent of conflicts of interest? This is what PS08/9 requires you to do by April 09.”


RBSIP cuts two-year fixed rate deals

Royal Bank of Scotland Intermediary Partners is reducing its two-year fixed rate deals with rates starting from 3.59%.

Trade bodies want your response to FSA fee plan

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries last week issued a joint statement calling for members to respond to the Financial Services Authority’s fee proposals.

Newcastle posts pre-tax loss of £35.7m

Newcastle Building Society has reported a pre-tax loss of £35.7m for 2008 against a backdrop of £43m in exposures to failed Icelandic banks.

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


News and expert analysis straight to your inbox

Sign up