Corporate Insurance Regulatory Update - July 2011.

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Corporate Insurance Regulatory Update - July 2011.

FSA Policy Documents

CP11/11: Quarterly Consultation Paper No. 29

6 June 2011

CP11/11 consults on various proposed changes to the Handbook including:

A new rule confirming that common platform firms conducting investment services and activities from a branch in another EEA state must comply with the host state's requirements under Article 13(2) of the Markets in Financial Instruments Directive in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) (Chapter 2);

The addition of appropriate qualifications for individual advisers and the addition of bodies to the list of accredited body status (Chapter 3);

Small changes to liquidity reporting requirements (Chapter 4);

Additional guidance on descriptions used to promote financial products (Chapter 5);

Guidance on how consumers can cancel ongoing adviser charges for services regarding a financial product without having to withdraw from investments (Chapter 6);

Guidance on how claims to the Financial Services Compensation Scheme regarding life insurance policies can be made by some corporate trustees of occupational pension schemes (Chapter 7);

Changes to the guidance on property investment clubs and land investment schemes (Chapter 8); and

Making the process for submitting written reports to the FSA easier (Chapter 9).

The deadline for responses to Chapter 3 of the Consultation is 6 July 2011. The deadline for all other responses is 6 August 2011.

A copy of the consultation paper can be found at: http://www.fsa.gov.uk/pages/Library/Policy/CP/2011/11_11.shtml

GC11/13: Proposed guidance on the: Selling of general insurance policies through price comparison websites

8 June 2011

The FSA has published proposed guidance on selling general insurance policies through price comparison websites because it believes there is a general lack of understanding about the regulated activity conduct...

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