“Regulation today, regulation tomorrow…” Chris Cummings Director AMI.
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Transcript of “Regulation today, regulation tomorrow…” Chris Cummings Director AMI.
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“Regulation today, regulation tomorrow…”
Chris Cummings
Director AMI
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AgendaAgenda
Regulation, regulation, regulation Don’t panic Do do… Last minute checklist Over the next wave…
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Regulation, regulation, regulationRegulation, regulation, regulation
Europe HMT DTI OFT HM C&E
““It is a truth, universally acknowledged, It is a truth, universally acknowledged, that a market going through regulation that a market going through regulation
must be in need of more…”must be in need of more…”
FSA FOS FSCS The Courts
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Do do…Do do…FSA’s objectives:
• To maintain market confidence in the financial system
• To promote public awareness of the financial system
• To provide consumer protection
• To reduce the opportunities for financial crime
FSA’s approach:
• Risk based approach
• Emphasis on systems & controls
• Formal control structure in all areas
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Last Minute ChecklistLast Minute ChecklistInternal controls: PII levels
mortgage and protection levels Capital adequacy Regulated business plan SYSC requirements Inducements systems Senior management team Staff training on regulation
NILGI
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Last Minute ChecklistLast Minute ChecklistCustomer facing: New business process reviewed
“independent” - fee option whole of market?
Introducer procedures Existing customers contacted ToB letters reviewed:
on-going contact customer opt-in data protection
IDD KFI provider confirmed Suitability letters
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Last Minute ChecklistLast Minute ChecklistCustomer facing: Financial Promotions reviewed
transitional arrangements Record keeping requirements Systems to manage non-regulated business Scripted Q&A
Complaints procedure: Complaints procedure reviewed Training and competence: Focus on on-going competence requirements
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What we expectWhat we expect
Willingness to listen to industry initiatives:– PII– Qualifications
Easy to do business with
A working relationship between industry and regulator: a social contract?
AMI expects: Catch our breath Room to breathe Co-ordination “Getting the bad guys” “Hidden agenda” No retrospection Costs of regulatory
bureaucracy
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Over the HorizonOver the Horizon
FSA
• M&GI bedding in• FSA themes:
• Financial Promotions• Taking an interest• KFIs• Responsible lending• Policing the perimeter• Treating Customers
Fairly• Regulatory Reporting
Issues• Ombudsman• Home Reversions• Exam review• Europe:
• ISD; DMD etc• 30 CPs in 2004 • 80 CPs in 2005
• PI – capacity and cost• Buy to let• Events, dear boy, events…
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Stand UpStand Up
AMI:– Insight– Information– Analysis– Industry Voice– Honest Broker– Helpdesk– Information rich website– Regional meetings
“Your voice in a hostile world”