Weekly Financial Services Regulatory Update - 20.04.12

This weekly update from Clyde & Co's Financial Services Regulatory Team summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange over the past week, with links to the full documents where these are available.

Consultation papers:

No new developments this week.

Discussion papers:

No new developments this week.

Policy statements:

No new developments this week.

Press releases:

17 April: FSA statistics show boiler room fraudsters are making greater efforts to con consumers – but having less success. The FSA has published statistics which indicate that there has been a 19% increase in enquiries about share fraud but a 7% decrease in the number of people contacted by and subsequently investing in boiler rooms. The FSA is encouraged by these figures but is continuing its efforts to combat the problem, including having produced a video for consumers that explains what boiler rooms are, how consumers can avoid becoming victims and what to do if they believe they have been scammed.

http://www.fsa.gov.uk/library/communication/pr/2012/038.shtml

Speeches:

19 April: Securitisation, shadow banking and the value of financial innovation. The FSA has published a speech and accompanying slides, given by Lord Turner, FSA Chairman, at the School of Advanced International Studies, John Hopkins University. In his speech, Lord Turner considers how and why the wave of financial innovation in the area of securitised credit ended at the same time as the 2008 financial crash. He also considers what is known about the value of financial innovation and how it can be assessed.

http://www.fsa.gov.uk/portal/site/fsa/menuitem.10673aa85f4624c78853e132e11c01ca/?vgnextoid=62042dd6fbac6310VgnVCM2000004fbc10acRCRD&vgnextchannel=e17f60f62b415310VgnVCM10000044bc10acRCRD&vgnextfmt=default

19 April: The new approach to insurance regulation and the implementation of Solvency II. The FSA has published a speech given by Julian Adams, Director of Insurance Supervision at the FSA, at a City & Financial Conference, London. Adams starts by outlining the key upcoming structural changes to the financial regulation system in light of the adoption of the twin peaks model and includes the key features of the new regime and the changes that will be most felt by the insurance sector. Adams says that preparations will also continue for the implementation of Solvency II with the aid of supervisors and goes on to explain the interplay between this and the other regulatory changes, with...

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