MSMEs do not find it an apt solution to address the financial constraints faced by them, and many exporters also wanted an exemption from the rule.
ET RISE’s Post
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Do you know who is bound by an Australian Financial Complaints Authority (AFCA) determination? AFCA has recently published a guide that outlines the way it assesses responsible lending complaints. Test your knowledge with this week’s Fast Fact Friday! To read more about this guide, click the link below to read our recent article. #compliance #financialservices #regulation #policy
Australian Financial Complaints Authority
sophiegrace.com.au
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Proposed CCCFA and CoFI changes The Government has today announced a significant two-phased package of reforms to the regulatory financial services landscape, including changes to the Credit Contracts and Consumer Finance Act (CCCFA) and the impending Conduct of Financial Institutions (CoFI) regime. The Ministry of Business, Innovation & Employment is progressing these reforms with an “aim to remove unnecessary compliance costs currently imposed on financial services” and to “improve outcomes for consumers by ensuring New Zealanders can confidently access the financial products and services they need in a way that is safe”. In the coming months, public consultation will begin on potential amendments to key financial services legislation, including CCCFA, the CoFI regime and the licensing framework under the Financial Markets Conduct Act 2013. One of the signalled changes is “clarifying the requirements of the CoFI regime and reviewing the conduct licensing framework in the Financial Markets Conduct Act to ensure there is balance and flexibility”. We have been closely involved in discussions on these announced reforms. Our previous insights can be viewed on Chapman Tripp's website. Please get in touch with Chapman Tripp's financial services experts if you would like to discuss these reforms or require any help to engage in the upcoming consultation. [CT1]Announced 22 April 2024: https://lnkd.in/giQfyAyf (perhaps hyperlink into the update). [CT2]Quote from: https://lnkd.in/gagC-QcJ [CT3]Add hyperlink: https://lnkd.in/gfTEF9d8
Government announces package of financial services reforms
mbie.govt.nz
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PMB48 contained some updates on the UK listing reforms, including flagging when the new rules will be published, and when issuers will find out the category to which they will be mapped. There also some changes to be made to the Knowledge Base and a draft form required by directors on admission of listing. Click on the link for our summary. #ecm #listingreform #ipos
FCA update on Listing Reforms
simmons-simmons.com
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Trending this week 📈 #ITtrending Financial Conduct Authority dispels profits myth about Consumer Duty ’We wanted to set higher and clearer standards and want firms to put their clients first,’ says director Jon Guy #insurance #insuranceindustry #insurancenews #ukgi #insurancebroker #brokers #broker #insurers #insurer #mgas #mga https://lnkd.in/e7wQNkJT
FCA dispels profits myth about Consumer Duty
insurancetimes.co.uk
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Compliance, risk management and complaints specialist. I manage risks, solve problems and handle complaints.
AFCA Determination - 996840 An AFCA complaint case where the customer believes they were provided with the same financial advice as their partner, where switches were made to their investments to bring in line with their risk profile, these switches were made at the wrong time which impacted the performance of their portfolio. The customer was seeking compensation for the investment switches happening at the wrong time. AFCA found the customer were not provide with financial advice for the switches to be made because the customer was not provided with any advice documents where they were recommended to make the switches. The Determination was in favour of the financial firm because the customer was not provided with an advice document recommending the switches and therefore they were not provided with advice. The investment switches were instigated by the customer. This Determination shows the customer may have been impacted by the investment switches not being performed on time, but if they were not provided with an advice documents outlining the switches then the adviser did not make the recommendations. I will be reviewing AFCA Determinations to help advisers understand the changes in the advice industry.
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Looking for help to understand the intricacies of the recently released FFSP regime proposed by Treasury? We have prepared a guide to help you navigate it. https://lnkd.in/g8mwHdz4
The New World for FFSPs
minterellison.com
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The FCA has just published its regulatory fees and levies consultation for 2024/25. For a number of months, we have been raising concerns with the FCA about the Proxy Measure Fee calculation (the calculation used for charging small, non-commission earning brokers). Linking FCA fees to the Bank of England (BoE) base rate is unfair to smaller brokers, especially in light of the increases we have seen in the BoE base rate over the last 12-18 months. It is great to see that the FCA has now included proposals to address these concerns within the consultation published today. For us, and those that are affected by Proxy Measure Fee calculations, the proposals in the consultation are just the first step in addressing high regulatory fees for non-commission earning brokers. Therefore, we encourage such firms to understand, and respond to, these proposals. The CCTA will be working to highlight member issues and concerns in our response to the consultation, but we also encourage our members to get in touch if the Proxy Measure Fees affect your firm. For those that are not members of the CCTA, do consider getting in touch about membership and how we can support you too. The FCA’s consultation can be found here: https://lnkd.in/ekQBCpXg
CP23/22: Regulatory fees and levies: policy proposals for 2024/25
fca.org.uk
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Managing Partner, NashTech Academy, Vedic Astro Consultant, Writer, Drafting of Civilian and Welfare, Scientific Laws, Developer of NT Technologies to redesign the world under AI and Robotic Code
KSIDC's role in the KIIFB Masala Bond also to be investigated. When the proposal to obtain bond from international market happened to KSIDC from the then ACS, Shri.K.M.Abraham IAS, I provided the alternative suggestions to obtain funds through Petrol and Motor Vehicles cess as nil cost funds. Due to administrative frauds and P.H.Kurian IAS, M.Sivasankar Dr.Beena IAS based frauds, I had submitted my resignation w.e.f 30.06.2016 and prior to these days in May 2016, I had submitted the proposal with the copies of the Seventh Schedule of the Constitution, my proposal related to introduction of Petrol Cess through budget proposals in 2011-12 to then CFO, Shri.J.J.Ranjith FCA, and later informed the matter to the Shri.Thomas Issac, Finance Minister on 3rd July , 2016 to amend the KIIFB Act and accordingly during Aug, 2016 the KIIFB Act amended by incorporating the revenue sources. I rejected the plan of funding through bonds and I had another plan upto raise more than Rs 15000 crores through financial innovations and new financial instruments per year and later informed to the State Government in 2022. Before taking any such decisions by the Government, they would ask information from KSIDC, KFC and at that time, Shri.K.M.Abraham IAS had serious intentions to obtain money through bond market. My suggestion at that time to CFO was to provide a base for regular stream of money into KIIFB and through the same and after setting up of revenue generating Assets, the KIIFB can opt for bond market at competitive rates. Here the interest is not the criteria and the way of deploying funds and if it is possible to generate additional tax revenue due to the funding for more than 18%, it will be extremely good. Here the role of KSIDC in mentoring in such areas after my resignation must be scrutinized by the enforcement directorate. As of today through my suggestions through KSIDC, the KIIFB got Rs 22500 crores plus and the Central Government through petrol cess and agricultural cess , education cess, helthcare cess, infrastructure cess may get more than Rs 15 lakh crores. There are many ways to obtain funds for KIIFB and the Act to be modified to get statutory Rights and entering into bond market at that time was not a wise decision. Here interest is not the judgement criteria, the economic or social assets and it's resultant utilities are the focus areas. Prior permission from the Central Government is required in such matters. The Ministers are not aware about its intrinsic matters. Shri.K.M.Abraham IAS , the the sole responsible person in this regard and based on his suggestion that may be obtained through KSIDC or KFC after obtaining a secondary support or under pressure from him, the decision had been taken by the Cabinet in such matters. The role of KSIDC must be investigated and it's suggestions after Aug, 2016 must be investigated. The earlier proposal for cess had submitted during 2011-12 time too.
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We welcome HM Treasury’s response to the consultation on ‘Financial Services Regulation: Measuring Success – a call for proposals.’ The HM Treasury proposals mark significant progress in making the new secondary objective for economic growth and international competitiveness meaningful for the regulators and will help to maintain the UK as a world leaders in financial services. We will continue to work with government and the regulators on the successful implementation of the Financial Services and Markets Act and the new objective. https://lnkd.in/eTWnqTBM #AssociationofBritishInsurers #Insurance #LongTermSavings #FinancialServices #FinancialServicesandMarketsAct
Financial Services Regulation: Measuring Success – Call for Proposals
gov.uk
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