Auriemma Roundtables’ Post

⚡ How do changes in credit card limits affect consumers' financial management? In this article, we will examine the consequences of changes in credit card limits and their impact on budget planning.

The key criteria being suggested for classifying "Critical Third Parties" by HM Treasury include: 1. “the materiality of the services provided to the delivery, by any person, of essential activities, services or operations (wherever they are carried out”; and • 2. “the number and type of authorised persons, relevant service providers or FMI entities to which the person provides services”. Suggest HM Treasury and the Bank of England also consider "locations" in the mix as concentration risk is a key disruption factor. Shared Assessments Third Party Risk Association (TPRA) - Third Party Risk Management GSA- Global Sourcing Association

HM Treasury have published their paper on their approach to the designation of Critical Third Parties. The paper gives a little more clarity on timelines: it appears a typical designation will take 6 months, including a 3 month window for the CTP to make representations on the proposed designation, although it stresses that timelines could be longer or shorter. HMT confirm that they will designate entities, not services, but will inform the CTP which of their services have been deemed material when making the designation. https://lnkd.in/e78iYQ3f

Get set go - for ITR filing season. Few tips: - Tally AIS with other sources like 26AS, bank interest/deposit statements, dividend statements etc. - The site is more responsive in weekdays (late evening). I saw slowness/non-responsive problems on weekends. As the last date approaches expect more issues and plan accordingly. - IT website has option to download previous year filled forms which can be a useful reference/checklist while current year filing. Happy filing! ~S~

Your credit score is like a financial report card that is imperative for reflecting your financial well-being. Having a higher credit score indicates more efficient management of your creditworthiness. Discover why it’s important to maintain a good credit score and tips to improve it. Read more about credit scores: https://lnkd.in/gwu_pcS4 Penned By: Anjali Binjve

Financial institutions, listen up! ⚠️ There is a reporting requirement change starting this month with GLBA. ⚠️ Our latest blog explains the background on GLBA, breaks down the new reporting requirement, and provides some tips for maintaining compliance. Give it a read: https://hubs.li/Q02wdY3y0 #GLBAcompliance #bankingregulations #datasecurity

Financial institutions, listen up! ⚠️ There is a reporting requirement change starting this month with GLBA. ⚠️ Our latest blog explains the background on GLBA, breaks down the new reporting requirement, and provides some tips for maintaining compliance. Give it a read: https://hubs.li/Q02wdYl80 #GLBAcompliance #bankingregulations #datasecurity

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

Following measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) has published a policy statement (PS24/8) setting out the final rules for its new access to cash regime. The large banks and building societies and coordination bodies designated by HM Treasury (HMT) as subject to the new regime have until 18 September 2024 to familiarise themselves with the new rules, establish and publish their cash access assessment procedures, prepare to receive cash access requests, and prepare to comply with new reporting requirements. #FinancialServices

Ghost income in Annual Information Statement (AIS) ✅ AIS is an exhaustive statement that provides a comprehensive look at your taxes deducted and paid as well as other financial transactions. But there could be vital errors. ✅ Cashback received for referring people on a credit card. ✅ Shares offered for buyback are reported even though fewer shares were accepted and money paid. ✅ Mutual fund redemptions reflect in the AIS of both the first and second holder. ✅ Why do these errors occur? Chartered accountants say that multiple entities report the same transaction, causing duplicity. ✅ Their interpretation of special financial transactions on the type of transactions that need to be reported, could vary. Read @KhyatiDharamsi story on @moneycontrolcom Personal finance where she tells you what to do in case your AIS has reported errors.