The Treasury and the Better Business Executive have just published a summary of the Responses they received from the regulated sector and consumers. If you are looking for clues on which aspects of the existing regulatory framework are about to change, the Treasury’s Summary of points raised and the Responses themselves make interesting reading.

See: http://www.hm-treasury.gov.uk/fin_crime_review.htm

The Review is on-going and will encompass:

• the full scope of the 2007 Regulations (not simply changes made in 2007), Guidance and communication & engagement with stakeholders,
• supervisory arrangements,
• industry practice, and
• the customer experience under the regulations.

The 4th document on the list contains the responses from all of the UK Law Societies. The response from Emma Oettinger on behalf of the LS of England & Wales is particularly worth reading. It voices the frustrations many of us have in trying to implement the current Regulations.

For a different perspective on the impact of the Regulations have a look at the response by Karen Lapsley on behalf of Lloyds TSB Group and that from Mr and Mrs Carmichael both of which are near the end of the 4th document.

The Treasury have undertaken to consult further before finalising their proposals.