Regulatory update
| DOI | https://doi.org/10.1108/eb025001 |
| Published date | 01 January 1999 |
| Pages | 90-95 |
| Date | 01 January 1999 |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 7 Number 1
Regulatory update
LEGISLATION
The Individual Savings Account
(Insurance Companies) Regulations 1998
(SI 1998/1871)
Effective
from:
6th May, 1999.
Made pursuant to s. 333B Income and
Corporation Taxes Act 1998.
The Individual Savings Account
Regulations 1998 (SI 1870/1998)
Effective from: 1st October, 1998 and 6th
April, 1999.
Effective
from:
26th September, 1998.
These regulations are part of the imple-
mentation of the Investor Compensation
Schemes Directive (Directive 97/9/EC of
3rd March, 1997).
The Friendly Societies (Activities of a
Subsidiary) Order 1998 (SI 2328/1998)
Effective
from:
19th October, 1998.
This Order varies Schedule 7 to the
Friendly Societies Act 1992 (which lists the
activities which may be carried on by a
subsidiary of, or a body jointly controlled
by, an incorporated friendly society). A
new activity is added, as paragraph 1A,
namely the establishment and management
of individual savings accounts.
The Bank of England Act 1998 (Transfer
Scheme Appointed Day) (SI 2372/1998)
Effective
from:
23rd September, 1998.
This Order appoints 1st October, 1998 as
the day on which the transfer scheme pro-
vided for by paragraph 3 of Schedule 4 to
the Bank of England Act 1998 is to come
into force. This scheme transfers to the
Financial Services Authority such of the
Bank of England's property, rights and
liabilities as appear to the Bank appropriate
to be transferred in consequence of the
transfer of supervisory functions by Part III
of the Act.
FINANCIAL SERVICES AUTHORITY
NEWS
FSA publishes responses to CP 4
(Consumer Complaints) and announces
developments towards the single
ombudsman scheme
The Financial Services Authority (FSA) has
published a summary of the responses
received to its consultation paper of Decem-
ber 1997 'Consumer Complaints' (CP4).
The draft Financial Services and Markets
Bill sets out the framework for the estab-
lishment of the single ombudsman scheme
as a limited company. The company is to
be set up by FSA but will operate indepen-
dently. FSA is of the view that early inte-
gration of the existing financial services
ombudsman schemes is desirable so the
new ombudsman scheme company will be
formed by FSA by November 1998 with
appointments being made to its board. The
first board meeting is scheduled to take
place in December 1998 and FSA plans to
consult on draft rules for the new scheme
between February and May 1999.
FSA and PIA joint initiative to review
FSAVC business
On 19th October FSA and Personal Invest-
ment Authority (PIA) announced the
results of their sample review of past Free
Standing Additional Voluntary Contribu-
tions (FSAVC) business which uncovered
evidence of non-compliance with PIA 1996
guidance on the transaction of FSAVC
Journal of Financial Regulation
and Compliance, Vol. 7, No. 1,
1999, pp. 90-95
© Henry Stewart Publications,
1359-1988
Page 90
To continue reading
Request your trial