UK: PRA announces deposit protection changes

Changes to the depositor and policyholder protection provided by the Financial Services Compensation Scheme (FSCS) were announced today by the Prudential Regulation Authority: see here. The changes are being made by the Deposit Guarantee Scheme (Amendment) Regulations 2015 and their effect is to maintain, for the majority of depositors currently covered by the FSCS, the existing level of deposit protection (£85,000) until the end of the year (after which the amount becomes £75,000). Other changes also come into effect today, including protection in respect of temporarily high balances (e.g., where money is received following a house sale, or funds received from an inheritance or divorce).

USA: PCAOB seeks views on potential audit quality indicators

The Public Company Accounting Oversight Board is seeking views, through the publication of a concept release, on the content and possible uses of 28 indicators of audit quality. For further information, see: news release | fact sheet | concept release (pdf) | Board member statements.

UK: Scotland: Higher Education Governance (Scotland) Bill introduced in Parliament

The Higher Education Governance (Scotland) Bill was introduced in the Scottish Parliament last month: see here. A copy of the Bill as introduced is available here (pdf). According to the accompanying explanatory notes, the purpose of the Bill is to "make provision to improve and modernise aspects of the governance of higher education institutions".

For further information, see (all pdf): Explanatory Notes (and other accompanying documents) | Policy Memorandum | Delegated Powers Memorandum.

IOSCO paper - credible deterrence in securities markets

The International Organization of Securities Commissions has published a paper the purpose of which is to identify and promote awareness of those factors that may credibly deter misconduct in securities and investment markets: see here (pdf). The paper gives examples of practices adopted by IOSCO members and makes clear that it has not been published to benchmark or assess individual regulators.

Australia: superannuation governance - draft legislation published for consultation

Draft legislation, the purpose of which is to improve governance arrangements in superannuation, has been published for consultation: see here (pdf) and here (pdf). An explanatory guide is available here (pdf). Amongst the changes being proposed is the requirement for all superannuation funds regulated by the Australian Prudential Regulation Authority to have a minimum of one third independent directors on their trustee board, and an independent chair.