Fsa paper

the principles. The provider's primary obligation is to ensure that products: are soundly designed for the target market; are sold through appropriate distribution channels with clear, comprehensible information for distributors and, where relevant, customers; and perform as the provider promised. However, they have obligations to the retail bank under Principle 7, which requires them to communicate information that is not misleading. This means that they should be developing plans and processes, allocating resources and responsibilities and training their staff. The statement also takes account of more complex arrangements, such as those which may arise when: multiple distributors act in a chain; distributors commission products in order to take responsibility for product design; and 'pure' manufacturers create components which are later subsumed into retail products. 3.5 cm /.8. As its product is relatively complex, it must identify the characteristics that will make up the target market; this may include potential customers' knowledge of the risks involved. This was done in the case of larger, relationship-managed firms through individual assessments based on information gained through Advanced Risk Responsive Operating Framework visits or specific visits. 2012/09/9 14:29, forex Magnates, financial Services Authority FSA, consultation Paper CPDiscussion PaperDP. Given the nature of his audience, Tiner focused specifically on the responsibilities of product providers, anticipating many of the points raised in the discussion paper. European Markets Infrastructure Regulation, emir, financial Services Authority fsafinancial Services Authority FSA 98, eMIR, eMIR. The provider's specific responsibilities include: designing and testing products and broadly assessing their suitability for different types of customer; selecting appropriate distribution channels; providing appropriate information to distributors and, where relevant, customers; monitoring the end result (ie, determining whether products end up with the right. Wilson used a further speech on March 19 2007 to highlight the FSA's March deadline for firms. Sarah Wilson's speech was given on September 28 2006, the day on which the discussion paper was published. The illustration examines the various responsibilities of the firms in the scenario based on the summaries contained in the statement. In the foreword to the discussion paper, FSA chairman, Lord Turner, said: "The crucial issue is how far along this spectrum of earlier and more intense interventions we maniqhins should progress. The FSA notes that the statement does not add new regulatory responsibilities for providers or distributors. Although it is acceptable to point out where the FSA has not expressed itself clearly, she stated that firms should remember that the paper contains a statement about desirable outcomes, not detailed instructions for achieving them. The FSA accepts that it will be unable to use this statement as evidence of predictability for conduct that occurs before the statement is published in final form. In the months following the publication of its discussion paper, the FSA undertook assessments of whether firms were likely to meet the deadline. John Tiner's speech to the FSA Asset Management Conference on September 21 2006 preceded the publication of the discussion paper and looked at how the initiative is linked to the FSA's drive towards more principles-based regulation. The illustration unbundles the product and traces its components back up the chain. The term 'distributors' covers the firms which make up the rest of the supply chain and present the product or service to the customer, including financial advisers, appointed representatives, banks and fund supermarkets.

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Financial paper Services Authority fsaeemirfsa20 Begin Comments Trackbacks. The UK Financial Services Authoritys FSA discussion paper on trading book reform provides valuable clues on what the Basel Committee could deal with in its next set of guidelines. The FSA accepts that the statement must be read fsa in conjunction with other legislation and case law when considering the nature and scope of the duties owed to customers. The FSA will also look for products which perform as promised and for associated services that meet the acceptable standard which consumers have been led to expect.

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The retail bank has clear responsibilities to the customer after the sale has been completed. The FSA presumably intends to use the statement for this purpose in relation to conduct which occurs after it has been finalized. The FSA will build the initiative into the core of paper its regulatory approach to the retail market and will expect firms to demonstrate that they are building the aim of treating customers fairly into their strategy and approach. S specific responsibilities include, under Principles 2, s continuing initiative on treating customers fairly and contains a statement of the respective responsibilities of providers and distributors of financial products to their ultimate customers in Annex. If the distributor is unclear about the information. The paper is part of the FSAapos. Electrical, paper weight, the FSA has said that all firms should have reached the implementing stage of their work on treating customers fairly in a substantial part of their business by the end of March 2007.

The FSA will gauge success primarily by the difference the initiative makes to consumers; the regulator will look for (i) products which have been designed to meet the needs of identified consumer groups and have been targeted accordingly, and (ii) clear information provided to consumers.He warned that, although the FSA does not regard high numbers of enforcement cases on fair treatment of customers as a sign of success, it will take action where necessary.One illustration involves the production and sale of a structured retail product.