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This morning I had to make an Annual Return on the Companies House Website. I’ve always thought it an pedantic process, as all you do is confirm the records Companies House already has for for you - at least filing on-line costs £15 less.

Whilst I was doing the filing I noticed there are some changes coming down the line in Company Law.

Companies House is improving its website by including a small company checklist and implementing ‘clearer English when it explains the law and is also making it possible to do an on-line incorporation.

The law is changing to make it no longer a necessity to have a Company Secretary and is removing the requirement for a Company to always hold an Annual General Meeting. Other changes reduce the time allowed to file company accounts from 10 to 9 months and make it easier for private companies to make capital reductions.

I’m quite glad they’re making these changes as trying to keep track of changes in regulation and the requirements of all the different bodies is a pain in the proverbial.

The Financial Services Authority (FSA) made an interesting press release today encouraging the use of Industry Guidance. By this they mean that the finance industry should look toward trade and professional bodies as a way of supplementing the FSA regulations.

They’ve produced a discussion document that sets out the FSA thinking on the role of industry guidance in a more principles based regulatory structure. To take a snippet from the press release, the paper:

• recognises that industry guidance is not new, but already exists in different parts of the regulatory system
• makes clear that industry guidance will supplement rules not replace them
• sets out a standard process for FSA to recognise industry guidance
• makes clear the standards that will be applied in recognising such guidance and
• confirms that the FSA will not take action against a firm which has complied with recognised guidance covering the issue concerned

FSA General Counsel Andrew Whittaker said “These proposals will contribute towards more principles-based regulation by allowing us to focus on the main principles to be achieved, rather than the detail of how to comply with them. They will give firms guidance on ways of complying with FSA principles and rules, but in a way that should stimulate flexibility and innovation in meeting higher level standards.”

Although I haven’t read all the supporting documents yet I find this quite interesting. Firstly the FSA appear to be saying ‘we will set rules at the macro level and expect trade associations and professional bodies to implement and manage them at the micro level” - of course I could be reading this wrong, but that’s the message I get.

Secondly it’s interesting that the last line of the above snippet says the FSA will not take action against a firm who’s complied with recognised guidance. To me this sort of creates a grey area. For example, in the secured loans sector, albeit unregulated itself by the FSA, one could find an argument whereby a business said…well FISA said I had to do so and so you (the FSA) can’t now tell me this is wrong.

I also find this interesting given that, the FSA’s Sister organisation the OFT recently announced changes in working practices to make them more effective by ultimately reducing their workload, it leads you to believe that there is an underlying message of them both struggling for resource.

After a quiet period, all of a sudden there’s pieces of secured loans news flying left right and centre and there’s hardly time to catch up with it all.

This morning Accuma Group PLC announced their final results. They report turnover increasing (mainly through acquisitions) from £2.85 million to £9.98 million and a gross profit increase from £0.6 million to £4.5 million. Following a trend we’ve seen elsewhere they report an increase in IVA business of 245%, but again this is partly through acquisition.

Accuma, who have raised £26 million for acquisitions and working capital, bought The Loan Line in July for £10.5 million and have since formed a division called Assist Mortgages and Loans, who also deal in secured loans.

Accuma is a prime example of the growing trend in finance companies attempting to be a one-stop shop for any one with debt problems. In the past companies were happy to pass on a customer with a particular requirement and get paid an introduction fee, but in a growing trend companies now try to keep hold of the customer no matter what.

In another piece of breaking news Kensington Group PLC has increased its share in Money Partners from 20% to 57% and retained an option to buy the balance in 2009. Money Partners is not only a player in the Mortgages market, but has built up a considerable brand in the Secured Loans Market, where it typically deals with Medium to Heavy adverse customers.

In a statement Kensington said, “Kensington has decided to increase its stake in Money Partners as it has been encouraged by the performance of the business and its ability to generate incremental new mortgage volumes. In 1H 2006 Money Partners originated £689m of mortgages (a 147% increase over 1H 2005 originations of £279m) and the profile of its new business and credit performance continues to be in line with expectations. The benefits for Kensington of the acceleration of the existing call option agreements are an increased share of Money Partners profits and fee income and further alignment with the other Money Partners investors. “

There’s also some detailed things coming out about Secured Loans regulation I’d like to comment on, but I’d like to read the documents more thoroughly before I post.