The Department of Trade and Industry is set to abolish audit requirements for regulated small firms and appointed representatives.The FSA says the move will save 3,200 small firms and 1,490 ARs £12.9m a year. The DTI will introduce regulations under the Companies Act 1985 to implement the FSA’s proposal as soon as possible. The aim is that these will apply to financial years ending on or after December 31 this year. The FSA says consumer protection will not be affected as most authorised small firms are subject to the retail mediation activities return. The capital requirements for firms, which apply on an ongoing basis, will remain unchanged and any firm holding client money will still be required to have a client money audit. Last September, the DTI amended the Companies Act to exempt small FSA-authorised firms and ARs that only undertake mortgage and general insurance business from the audit requirement. FSA director of small firms Stephen Bland says: “We are challenging regulations whose costs outweigh the benefits and our work with the DTI to extend the audit exemption will bring firms that are limited companies in line with partnerships and sole traders.”
IFG’s Donna Bradshaw “You, too, would be on the floor cross-legged after six pints of Mansfield Bitter. Scratchings, anyone?”
Mansfield Building Society’s Pete Doherty I am absolutely ravishing.”
Skandia PR Alex Jones struggles to find the right word to communicate that he is hungry. “Er, we seem to have lost our pensions guy.”
Jones again, realising that Skandia was one man down on arrival at Southampton from Cowes.
An FSA report says promotions in the general insurance and sub-prime mortgage sectors are still not up to scratch and need to be improved but the number of investment promotions which fell below the regulatory standard has fallen from 52 per cent in 2004 to 32 per cent in 2006. The report evaluated nearly 1,000 […]
Paternoster, the closed life fund consolidator run by Mark Wood, has signed a letter of intent for Jardine Lloyd Thompson Benefit Solutions to act as its service partner for the long-term administration of pension policies and actuarial pricing support.
The Chancellor has appointed Jane Platt as the new chief executive of National Savings & Investments.Platt is currently on the board of Witan Investment Trust and Edinburgh UK Tracker Trust and was formerly chief operating officer, customer segments at Reuters.She will take up the position on 4 September 2006. Finance director and deputy chief executive […]
by Debra Corey, group reward director Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]
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