CPMA - outline proposals published

[Mike Cranny]

Nothing surprising as far as I can see in the new document which you can find here http://www.hm-treasury.gov.uk/d/cons...ion_condoc.pdf


The Government says

• Brokers are unlikely to suffer any significant transitional costs or significant increases in ongoing costs as a result of the reforms
• TheTitle CPMA is only a working title -
  
  In addition, the CPMA will "build on" the progress recently made by the FSA towards a more interventionist and pre-emptive approach to retail conduct regulation.
  
  
• It will adopt the FSA’s new Retail Conduct of Business Strategy.
• It will continue with Retail Distribution Review, the Mortgage Market Review, and work on responsible lending.
• This will be backed by a strong approach to enforcement to ensure credible deterrence.
• There will be a lengthy consultation on whether to give it powers to regulate the conduct of credit (The FSA only regulates banks for the receipt of money - not for lending it - that is done by the OFT)
• FOS and FSCS will continue as before - though the the cross-subsidy might disappear. The new body will probably collect fees for the fopr FOS and FSCS as it presently does
• All the usual stuff about cost benefit calculation - including how many tons of CO2 will be used in this re-branding exercise.
  
  Apologies if I have missed anything, I have been of a weekend stag party and not all the brain cells have recovered.

[davidmd]

There will also be a likely significant impact on eventual rules because of whatever is contained within IMD 2.

It will also be interesting as to whether the CPMA review/continuation of the RDR means they consider applying RDR measures to the general insurance intermediation sector (notably compulsory professional qualifications).

[Mike Cranny]

I have just read the General Insurance Newsletter - what a waste of print.Written sadly in a parish magazine style.

It seems to be a re-hash of old articles plus loads of stuff on Solvency 11.

No mention of FSCS or anything else. the only thing of relevance is the "read and understand" ban

"Gosh - it goes "It’s hard to believe three months have passed since our last edition – they have certainly been busy.

You’ll be aware that the government has announced its plans for our future. Rest assured that business continues as usual."



I am sure everyone will have a restful weekend, safe in the arms of the FSA.