http://www.complinet.com/ Complinet Complete UK and Europe RSS feed en Complinet Limited en Complinet Limited http://www.complinet.com/global/news/news/article.html?ref=129895 THE HAGUE — Dutch financial markets watchdog AFM said Wednesday it had fined insurance group Fortis Holding 576,000 euros (780,000 dollars) for market manipulation and withholding share price sensitive information. Four fines of 144,000 euros each were imposed on Fortis Holding last month for actions that followed its takeover of Dutch bank ABN Amro in 2007 in a consortium with the Royal Bank of Scotland and Banco Santander of Spain, the AFM said in a statement. Two of the fines were for market manipulation related to then chief executive officer Jean-Paul Votron's statement in June 2008 that Fortis' solvency was "on course" and "strong." "This statement was contrary to the negative developments within Fortis' solvency prognosis as of May 2008," said the AFM statement. It sent out an "incorrect or misleading" signal, said the AFM, and amounted to market manipulation. The other two fines were for failing to timeously publish price-sensitive information affecting Deutsche Bank's Thu, 11 Mar 2010 10:51:19 GMT http://www.complinet.com/global/news/news/article.html?ref=129895 2010-03-11T10:51:19Z http://www.complinet.com/global/news/news/article.html?ref=129903 BRUSSELS, March 11 (Reuters) - U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported. Citing a letter but not quoting from it directly, the Financial Times said Geithner wrote to Michel Barnier, the European commissioner in charge of market regulation, on March 1 saying the EU was headed for a clash with the United States and Britain if the planned rules proved overly protectionist. Barnier's office was not immediately available to comment or confirm that such a letter had been sent. European officials are drafting new regulations on the hedge fund and private equity industries that proponents say are designed to limit their perceived role in aggravating the 2008-09 financial crisis. Tight European regulations could have a big impact on the alternative investment industry in Britain and the United States, where most major hedge Thu, 11 Mar 2010 10:09:44 GMT http://www.complinet.com/global/news/news/article.html?ref=129903 2010-03-11T10:09:44Z http://www.complinet.com/global/news/news/article.html?ref=129894 Today's roundup includes the FSA Financial Risk Outlook 2010. Norton Rose Group EU/UK regulatory roundup: March 11, 2010 Date Source Document number Title of document Cross references Comment 10/3/10Financial Stability BoardPromoting global adherence to international cooperation and information exchange standards (PDF)The BCBS Core Principles for Effective Banking SupervisionThe IAIS Insurance Core Principles (PDF)The IOSCO Objectives and Principles of Securities Regulation (PDF)The Financial Stability Board has published a paper which is entitled Promoting global adherence to international cooperation and information exchange standards.In this paper the FSB announces the launch of an initiative to encourage all jurisdictions to adhere to international financial standards. The initial focus of the initiative is on adherence to international cooperation and information exchange standards in the financial regulatory and supervisory area. The three key financial regulatory and supervisory Thu, 11 Mar 2010 10:00:29 GMT http://www.complinet.com/global/news/news/article.html?ref=129894 2010-03-11T10:00:29Z http://www.complinet.com/global/news/news/article.html?ref=129898 Winterflood Securities, the City market-maker, went to the Court of Appeal today for its latest attempt to overturn a ruling that the firm and two of its brokers committed market abuse. The Financial Services Authority ruled in June 2008 that Winterflood, Stephen Sotiriou and Jason Robins played "a pivotal role in an illegal share-ramping scheme". The FSA fined Winterflood £4 million, Mr Sotiriou £200,000 and Mr Robins £50,000. Winterflood, which is owned by Close Brothers, the investment bank, appealed against that decision, which was upheld by the Financial Services and Markets Tribunal last April. Today, Winterflood, Mr Sotiriou and Mr Robins began a further appeal on a matter of law before three judges at the Court of Appeal in London. The appeal, which relates to six months of trading in an AIM-listed Winterflood client, centres on whether a person or firm must have a deliberate intention to distort the market in order to commit market abuse. The FSA accepts that Thu, 11 Mar 2010 09:56:44 GMT http://www.complinet.com/global/news/news/article.html?ref=129898 2010-03-11T09:56:44Z http://www.complinet.com/global/news/news/article.html?ref=129901 The Financial Services Authority, Office of Fair Trading and Financial Ombudsman Service have today proposed the creation of a new consumer protection committee to scan for emerging risks. The committee would identify any risks with the potential to turn into widespread problems, and determine fast and effective ways of dealing with them, whether through regulatory action or consumer complaints. The work of the committee, set out in today's discussion paper, would update the wider implications process, which is often triggered once a problem has already had an impact on both the industry and consumers. The new committee would draw together specialists from the three bodies to spot emerging risks, increasing the ability of the regulators and ombudsman service to respond quickly and decisively to the threats in the market. The focus on emerging risks also complements the FSA's ongoing intensive supervision regime, where firms' business models are scrutinised along with their product Thu, 11 Mar 2010 09:31:32 GMT http://www.complinet.com/global/news/news/article.html?ref=129901 2010-03-11T09:31:32Z http://www.complinet.com/global/news/news/article.html?ref=129899 Goldman Sachs had a bright idea for its clients: Buy credit default swaps - those financial instruments that helped trip up American International Group - in case certain countries ran into financial trouble. That advice, contained in a confidential report prepared by the bank last August, turned out to be prescient. It arrived months before Greece and its staggering debts became the big story in the financial markets. The report, a copy of which was obtained by The New York Times, warned that the risks posed by spiraling government debts might be graver than people realized. Now, some European leaders are pointing fingers at the very financial instruments that Goldman was recommending. They insist that credit default swaps - and the traders who wield them - have made problems worse in Greece and elsewhere. Calls are growing for the United States and Europe to crack down on speculative trading in general and on such swaps in particular. On Tuesday, as the Greek prime minister, Thu, 11 Mar 2010 09:02:58 GMT http://www.complinet.com/global/news/news/article.html?ref=129899 2010-03-11T09:02:58Z http://www.complinet.com/global/news/news/article.html?ref=129906 Records on 15,000 existing clients of HSBC Private Bank were stolen by a former employee of its Geneva branch three years ago, the company has announced. Europe's biggest bank said following an internal investigation into the incident, it has determined that the data relates to customers who had accounts based in Switzerland prior to October 2006. Overall, around 24,000 accounts are though to have been affected, but 9,000 of these are now defunct. Estimates of how many people were covered by the stolen data have varied tremendously. In December, French newspaper Le Journal du Dimanche said that as many as 130,000 HSBC clients were involved, according to Bloomberg. At the time, the bank itself claimed that the records related to "potentially ... less than 10 people". The ex-employee behind the data theft reportedly leaked portions of it to officials at the French finance ministry, who are said to have been investigating 3,000 French citizens involved in possible money laundering and Thu, 11 Mar 2010 08:41:44 GMT http://www.complinet.com/global/news/news/article.html?ref=129906 2010-03-11T08:41:44Z http://www.complinet.com/global/news/news/article.html?ref=129893 A selection of press releases from the wider financial services community. Bank of England/Gfk NOP Inflation Attitudes Survey http://www.bankofengland.co.uk/publications/news/2010/026.htm IASB and FASB publish proposals on reporting entity concept http://www.iasb.org/News/Press+Releases/ReportingEntityProposals.htm CML publishes Budget submission http://www.cml.org.uk/cml/media/press/2572 Summit to shape direction of pension accounting http://www.napf.co.uk/DocumentArchive/Press%20Releases/00_2010/20100311_11-03-2010%20-%20Summit%20to%20Shape%20Direction%20of%20Pension%20Accounting.pdf (PDF) Pension scheme asset pooling now made simple for trustees http://www.napf.co.uk/DocumentArchive/Press%20Releases/00_2010/20100311_11-03-2010%20-%20Pension%20Scheme%20Asset%20Pooling%20Now%20Made%20Simple%20for%20Trustees.pdf (PDF) Insurers pay out £650m to help customers weather the coldest winter in 30 years http://www.abi.org.uk/Media/Releases/2010/03/Insurers_pay_out_650_million_to_help_customers_weather_the_coldest_winter_in_thirty_years.aspx Small Thu, 11 Mar 2010 08:23:46 GMT http://www.complinet.com/global/news/news/article.html?ref=129893 2010-03-11T08:23:46Z http://www.complinet.com/global/news/news/article.html?ref=129904 BRUSSELS/LONDON, March 10 (Reuters) - Britain is preparing concessions to Germany and France that will pave the way for European finance ministers to agree draft regulations on hedge funds as soon as next week, sources with knowledge of the matter said. European leaders including German Chancellor Angela Merkel and French President Nicolas Sarkozy have accused hedge funds and others of exacerbating the problems of Greece, the region's most troubled economy, by betting on its debt. European Union ambassadors -- in talks about new rules to curb hedge-fund pay and borrowing -- are now edging close to winning the backing of Britain, diplomats told Reuters ahead of a key meeting on Thursday. 'In the spirit of getting an agreement, they would be prepared to look at issues such as remuneration and leverage,' one said. A deal would not include a ban or other limits on the short-selling of credit default swaps, the name given to insurance against an unpaid government bond. Many say trading Thu, 11 Mar 2010 08:17:40 GMT http://www.complinet.com/global/news/news/article.html?ref=129904 2010-03-11T08:17:40Z http://www.complinet.com/global/news/news/article.html?ref=129907 Financial losses resulting from credit and debit card fraud in Britain fell by 28 per cent last year to £440.3m, according to the latest figures. The UK Cards Association, which published the data, said that the decline, which is the first annual drop recorded since 2006, was mainly down to the introduction of security measures such as chip and pin, as well as the development of increasingly sophisticated fraud detection systems in the financial services and retail sectors. However, despite the overall decline in losses to card fraud, the amount of money lost to online banking fraud rose by 14 per cent to £59.7m in 2009. According to the UKCA, one of the biggest factors behind the spike was criminals' increasing use of malware that attacks and steals information from individuals' PCs, rather than stronger bank systems. The association said that there were also 51,000 reported cases of phishing last year, an increase of 16 per cent on 2009. Earlier this year, fraud prevention service Thu, 11 Mar 2010 08:03:16 GMT http://www.complinet.com/global/news/news/article.html?ref=129907 2010-03-11T08:03:16Z http://www.complinet.com/global/news/news/article.html?ref=129865 A federal grand jury in Miami has indicted four men on fraud and money laundering charges for crimes they allegedly committed as part of an international organized crime ring that spanned the US and Italy. These arrests were part of a much broader crackdown involving dozens of arrests by US authorities and their Italian counterparts. Those charged were: Roberto Settineri, 41, of Miami Beach; Daniel Dromerhauser, 39, of Miami; Antonio Tricamo, 37, of Miami, and Enrique Ros, 33, of Pembroke Pines. The latter remains a fugitive; the others have been arrested. The charges against Settineri, Ros and Dromerhauser stemmed from an undercover "sting" operation in which they allegedly agreed to destroy documents supposedly linked to a grand jury investigation and to hide assets purportedly subject to federal forfeiture. They have also been charged with "laundering" funds they believed to be the proceeds of a large-scale mail and wire fraud. Tricamo was charged in a separate indictment. He stands Thu, 11 Mar 2010 07:20:29 GMT http://www.complinet.com/global/news/news/article.html?ref=129865 2010-03-11T07:20:29Z http://www.complinet.com/global/news/news/article.html?ref=129858 The Securities and Exchange Commission charged a registered representative Tuesday over a fraudulent scheme to divert millions of dollars in trading profits from a large institutional customer to another customer. An SEC complaint filed in Manhattan federal court alleged that Jose O Vianna Jr, at the time associated with Maxim Group LLC, diverted over $3.3m in trading profits from the account of a large Spanish bank to the account of a British Virgin Islands company. The alleged diversions were at the instigation of a bank employee who was authorized to conduct proprietary trading on behalf of the bank through Vianna and Maxim. On 57 occasions Vianna simultaneously entered orders in the accounts of the bank and the BVI company, Creswell Equities, to trade the same amounts of the same stock. He would place a buy order in one customer's account and a sell order in the other's. If the market moved to make the bank's trade profitable and Creswell's unprofitable, Vianna improperly Thu, 11 Mar 2010 07:15:00 GMT http://www.complinet.com/global/news/news/article.html?ref=129858 2010-03-11T07:15:00Z http://www.complinet.com/global/news/news/article.html?ref=129855 If all proposed regulatory changes currently on the table were implemented at the same time, banks' profitability would be decimated and return on equity would plummet to unacceptable levels, the Retail Banking in Europe conference heard. Carla Antunes da Silva, bank analyst at JP Morgan, told the conference in Milan that increased capital requirements were only one piece of the jigsaw. If all of the regulatory measures currently being considered were applied simultaneously, the effect on estimated 2011 profits would be a fall of around 30 per cent. Return on equity would be slashed from 5.4 per cent to just 1.3 per cent. "This is unacceptable as it is well below the cost of equity," said Antunes da Silva. She said such a fall would make it almost impossible for banks to attract private capital. In such circumstances, governments would have no choice but to continue to support the banks, which ran contrary to their intentions to allow certain institutions to fail in the future, she Thu, 11 Mar 2010 06:44:00 GMT http://www.complinet.com/global/news/news/article.html?ref=129855 2010-03-11T06:44:00Z http://www.complinet.com/global/news/news/article.html?ref=129850 The CEA, the European insurance and reinsurance federation, published a report yesterday highlighting the industry's concerns about perceived excessive capital requirements proposed for Solvency II. The association acknowledged that insurers had failed over months to persuade the Committee of European Insurance and Occupational Pensions Supervisors to modify its capital proposals. Michaela Koller, director general at the CEA, said: "We'd expect more movement from CEIOPS. In some limited areas, there has been some glimmer of light on the horizon but largely the position of CEIOPS is in line with its original draft." She declined to specify where that light could be, but Alberto Corinti, deputy director general at the CEA, said the CEA's major concern was on the calibration by CEIOPS of non-life risk models, as covered in the report, Why excessive capital requirements harm consumers, insurers and the economy. According to Koller, CEIOPS has submitted its advices to the European Commission, Thu, 11 Mar 2010 06:25:24 GMT http://www.complinet.com/global/news/news/article.html?ref=129850 2010-03-11T06:25:24Z http://www.complinet.com/global/news/news/article.html?ref=129835 Today's roundup includes Consultation Paper 10/06: The assessment and redress of Payment Protection Insurance complaints; feedback on CP09/23 and further consultation (CP10/06). Norton Rose Group EU/UK regulatory roundup: March 10, 2010 Date Source Document number Title of document Cross references Comment 4/3/10European CommissionYour questions on PSD (PDF)Transposition of the PSDDirective on Payment ServicesOn March 4, 2010, the European Commission updated its paper setting out questions and answers on the Payment Services Directive. New answers to questions on the following issues have been published:Article 2 — Geographical coverage of the PSD.Article 64(1) — Determination of point in time of receipt.Article 66(4) — Irrevocability.Articles 68, 69 and 72 — National payment executions and maximum execution time.General — Definition of payment transaction.General — Currency and payment transaction.General — Bank account and personal data.General — Payment accounts and combined Wed, 10 Mar 2010 10:00:41 GMT http://www.complinet.com/global/news/news/article.html?ref=129835 2010-03-10T10:00:41Z http://www.complinet.com/global/news/news/article.html?ref=129849 Malcolm Calvert, a former equities market maker at stock broker Cazenove, was today found guilty at Southwark Crown Court on five counts of insider dealing. Calvert made approximately £103,883 profit from the trades that took place between June 2003 and October 2004. The case is the third successful prosecution for insider dealing bought by the Financial Services Authority and is part of its ongoing drive to tackle market abuse and promote efficient, orderly and fair markets. The prosecution is also notable for the involvement of a key witness, Bertie Hatcher, a friend of Calvert, who agreed to provide evidence in the trial having been involved in the illicit dealings himself. Margaret Cole, director of enforcement and financial crime at the FSA, said: "This is another milestone in our fight against market abuse. It’s a misconception that insider dealing is a victimless crime: it damages the very confidence and trust our markets operate on and it must be stopped "The guilty verdict Wed, 10 Mar 2010 08:44:42 GMT http://www.complinet.com/global/news/news/article.html?ref=129849 2010-03-10T08:44:42Z http://www.complinet.com/global/news/news/article.html?ref=129842 The Financial Services Authority today published its Financial Risk Outlook outlining the main risks and issues present in its operating environment, affecting firms, markets and consumers. This year's FRO is divided into four sections:Macroeconomic background and outlook looks at how fiscal and monetary policy support has limited the scale and duration of the global recession, and the future impact of its removal; Financial Stability and Prudential Risks and Issues highlights the importance of effectively managing prudential and financial stability risks for all stakeholders in the financial system. The chapter explores the new regulatory frameworks being developed to strengthen firms' capital and liquidity management under stressed conditions and the FSA's updated stress test; Market Risks and Issues explores risks derived directly from the crisis and other ongoing risks to which regulators and market participants need to respond; Retail Conduct Risks and Issues identifies Wed, 10 Mar 2010 08:40:18 GMT http://www.complinet.com/global/news/news/article.html?ref=129842 2010-03-10T08:40:18Z http://www.complinet.com/global/news/news/article.html?ref=129832 A selection of press releases from the wider financial services community. AIC research demonstrates continued commitment to VCTs is the best way to support UK's enterprise economy http://www.aitc.co.uk/Press-centre/AIC-research-into-impact-of-VCTs/ Lord Myners breakfast speech http://www.bvca.co.uk/Newsroom/features/LordMynersBreakfastSpeech UBS admits 69 ETCs to London Stock Exchange http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2010/ubsadmits69etcstolondonstockexchange.htm New card and banking fraud figures published http://www.theukcardsassociation.org.uk/media_centre/press_releases_new/-/page/922/ European Parliament votes to exempt micros from EU reporting requirements http://www.icaew.com/index.cfm/route/170978/icaew_ga/en/Home/Press_and_policy/Press_releases/European_Parliament_votes_to_exempt_micros_from_EU_reporting_requirements Don't be April fools — businesses urged to prepare for online VAT returns http://www.icaew.com/index.cfm/route/170966/icaew_ga/en/Home/Press_and_policy/Press_releases/Don_t_be_April_fools__businesses_urged_to_prepare_for_online_VAT_returns Insurance Wed, 10 Mar 2010 08:10:24 GMT http://www.complinet.com/global/news/news/article.html?ref=129832 2010-03-10T08:10:24Z http://www.complinet.com/global/news/news/article.html?ref=129862 Kenya needs to move forward several important pieces of pending legislation, including its anti-money laundering bill, in order to strengthen its financial sector and support investment, the managing director of the International Monetary Fund has said. Dominique Strauss-Kahn was speaking after talks with Kenyan officials including president Mwai Kibaki and prime minister Raila Odinga in Nairobi. The IMF chief said he had welcomed the "remarkable adjustment" of the Kenyan economy to a series of shocks that saw growth drop from 7.1 per cent in 2007 to 2.7 per cent last year. He added that both the president and prime minister had agreed that sound economic policies will have to be continued in order contain risk and move the economy towards a "robust growth path". Structural reform is needed to improve competiveness and diversity, Mr Strauss-Kahn added. "To strengthen the financial sector further, it will be crucial to enact several pieces of legislation that are still pending, Wed, 10 Mar 2010 08:01:29 GMT http://www.complinet.com/global/news/news/article.html?ref=129862 2010-03-10T08:01:29Z http://www.complinet.com/global/news/news/article.html?ref=129846 A 51-year-old man has been found guilty of orchestrating a £34 million Ponzi fraud using various schemes that promised investors extremely high returns on gambling and network marketing activities. Kevin Foster started his scam in 2001 with a small-scale football betting system that offer a five-to-one return on the original stake, the Serious Fraud Office said. He would encourage his backers to roll their stakes over to his next idea and eventually built up a collection of schemes collectively known as KF Concept. In reality, the SFO said very little of the £34m Foster attracted from investors went towards these activities and a large portion was poured into an offshore pyramid scheme. Harrow Crown Court also heard that Foster used the cash to fund his own lavish lifestyle, purchasing a £600,000 farm in Kent and spending a further £700,000 on vehicles. Over the course of his schemes, around £3m in cash was withdrawn from KF Concept. A jury convicted Foster of stealing investors' Wed, 10 Mar 2010 08:01:00 GMT http://www.complinet.com/global/news/news/article.html?ref=129846 2010-03-10T08:01:00Z http://www.complinet.com/global/news/news/article.html?ref=129791 Regulatory change will be a major issue for the banking industry for the foreseeable future and the far-reaching consequences have yet to be fully understood, the Retail Banking in Europe conference heard. The Milan-based conference, organised by Marketforce and the Institute of Economic Affairs, has focused on positioning the banking industry for a post-crisis future. Aside from the obvious need to rebuild consumer trust and confidence and re-engage retail customers, responding to regulatory demands was seen as being one of the main challenges facing the industry. Mats Torstendahl, executive vice president, head of retail banking for Swedish bank SEB, said: "Regulation will absolutely be key. Regulators will have the feast of the day." He said the timeframe and scope of regulatory changes would have an impact on the industry and the wider economy both in the short and long term. In the short term, firms would need to divert resources away from other business areas to deal with Wed, 10 Mar 2010 06:59:36 GMT http://www.complinet.com/global/news/news/article.html?ref=129791 2010-03-10T06:59:36Z http://www.complinet.com/global/news/news/article.html?ref=129785 Compliance checks on major insurance claims processes of adjusters are essential, according to Charles Taylor Adjusting. In an International Underwriting Association market briefing, Practical Issues Arising out of Catastrophic Events, Luke Smallman, director at Charles Taylor Adjusting, drew on his firm's experience of handling claims after the 2001 Toulouse explosion in France and the 2005 Buncefield explosion in the UK to present a "template for other situations", of which compliance was an important part. Smallman told Complinet that the Toulouse and Buncefield cases were unusual in that they were large catastrophe claims situations where insureds had appointed the adjusters, but, in most cases, the insurers would appoint. In these two cases, Charles Taylor Adjusting had brought in a single process to deal with the claims, but the software systems had been different. At the IUA presentation, Smallman said that Charles Taylor Adjusting had used accountants to review the claims Wed, 10 Mar 2010 06:27:04 GMT http://www.complinet.com/global/news/news/article.html?ref=129785 2010-03-10T06:27:04Z http://www.complinet.com/global/news/news/article.html?ref=129794 STRASBOURG, France, March 9 (Reuters) - The European Commission plans to examine banning 'naked' short-selling of sovereign debt, a practice that involves short-selling a security without borrowing it in the first place. 'A new, adult reflection is needed on credit default swaps regarding sovereign debt,' Jose Manuel Barroso, President of the EU's executive Commission, told the European Parliament on Tuesday. '...The commission will examine closely the relevance of banning purely speculative naked sales on credit default swaps on sovereign debt.' Keywords: EU BARROSO/SHORTSELLING (Luke Baker, Brussels newsroom, +32 2 287 6830; luke.baker@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Copyright (c) 2010 AFX News Limited (c) 2010 Dialog. All rights Tue, 09 Mar 2010 10:14:51 GMT http://www.complinet.com/global/news/news/article.html?ref=129794 2010-03-09T10:14:51Z http://www.complinet.com/global/news/news/article.html?ref=129778 Today's roundup includes the FSA publishing a liquidity calibration statement. Norton Rose Group EU/UK regulatory roundup: March 9, 2010 Date Source Document number Title of document Cross references Comment 8/3/10Committee of European Securities RegulatorsCESR/10-222FAQs on the EU regulation on credit rating agencies: Common positions agreed by CESR membersEuropean Commission — Rating agenciesThe Committee of European Securities Regulators has published frequently asked questions on the EU regulation on credit rating agencies.The final version of the Commission Regulation on CRAs was published on September 16, 2009, took effect on December 7, 2009 and applies by June 7, 2010.The purpose of the FAQs is to provide clarity to market participants to questions which are commonly posed to CESR members. However, the responses in the FAQs do not contain standards, guidelines or recommendations and therefore no prior consultation process has been followed.The FAQs cover:Corporate governance Tue, 09 Mar 2010 10:00:28 GMT http://www.complinet.com/global/news/news/article.html?ref=129778 2010-03-09T10:00:28Z http://www.complinet.com/global/news/news/article.html?ref=129786 The Financial Services Authority today published feedback to its plans to reform the payment protection insurance market and announced a further six week consultation on its revised package of measures. In response to its consultation (CP 09/23), the FSA received 51 detailed responses from a wide range of stakeholders. Consumer groups were very supportive of the proposals but PPI providers and industry groups were highly critical. As a result of this detailed feedback, there have been some revisions to the original proposals which, in the FSA's view, warrant a further short consultation. For example, the wider costs and consumer benefits have altered since the original consultation and the FSA wants to test the revised financial assumptions with firms. The FSA's proposed package of measures is designed to ensure customers are treated consistently and fairly, either when buying new PPI policies or making a complaint about an existing one. Dan Waters, the FSA's director of conduct Tue, 09 Mar 2010 09:45:44 GMT http://www.complinet.com/global/news/news/article.html?ref=129786 2010-03-09T09:45:44Z