Transparency data

HM Treasury's statement of new regulation 9, January to June 2015

Updated 15 January 2015

Impact assessment/RPC number	Title of measure	Description of measure	Date coming into force	Equivalent annual net cost to business (£m)	Link to impact assessment
RPC13-HMT-1984	FCA cap on the cost of payday loans	Requires the FCA to use its existing powers to cap the cost of payday loans at a level of its determination.	January 2015	£91.3m
RPC14-HMT-2237(2)	EU transparency directive	The UK is implementing part of the transparency directive early. The relevant part requires EU listed extractive companies to report their payments to governments around the world. By improving accountability, the directive aims to reduce the space for corruption and other illicit activities, and ensures that citizens of developing countries benefit appropriately.	January 2015	£33.6m
RPC14-FT-HMT-2263	Monthly instalment credit	Extending the exemption for instalment credit, which currently applies to quarterly instalments, where no fees and charges are applied, for up to 12 repayments over up to 12 months.	January 2015	-£2.2m
RPC14-HMT-2176	Continuation of sale and rent back regime	To continue the current regime (following sunset clause) that protects consumers and ensures the market is effectively regulated by the FCA.	January 2015	Zero net cost	Impact assessment
RPC14-FT-HMT-2297	Money laundering regulations 2007: appointment of CILEX	Amendments to the Money laundering regulations 2007 following the Treasury’s decision to appoint CILEX as an anti-money laundering/counter terrorist financing supervisor, and the decision taken by CIPFA to withdraw from its role as a supervisor.	February 2015	£1m
RPC14-HMT-2289	Fair and effective markets benchmarks regulation	Legislation to regulate benchmarks in the foreign exchange, fixed income and commodity markets, on the recommendation of the Fair and Effective Markets Review.	April 2015	£4.02m
RPC14-HMT-2212	Private sector defined benefit transfers	A new requirement for an individual to take appropriate independent advice from an impartial financial adviser regulated by the FCA before a transfer from a defined benefit to a defined contribution scheme can be accepted.	April 2015	£1.7m
RPC14-HMT-2294	Signposting to the guidance guarantee at retirement	Duty on the FCA to require contract-based pension schemes to signpost individuals to the guidance service at retirement.	April 2015	£1m
RPC14- HMT-2193	Mutuals redeemable shares bill	To update legislation for mutual insurers and provide a means for these mutual organisations to raise external finance in a way that will enable them to preserve their mutual status and preserve or extend their range of products and services.	April 2015	Zero net cost
RPC12-HMT-1383(3)	Designation of payment systems	The legislation gives the Treasury powers to designate payment systems to bring them into scope of regulation by the Payment Systems Regulator.	April 2015	Zero net cost