Regulatory environment

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  • Created by: lilly5575
  • Created on: 06-06-17 11:46
Who to the Financial policy committee run by?
Bank of England
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How many times a year do the Financial policy commitee meet?
4
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Who do the Fincancial policy commitee control?
FCP/PRA
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What does the PRA have the ability to do?
Veto the FCA
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Who is the prudental regulator?
PRA
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Who falls under the PRA?
Deposit takers, Insurers, Significant investment schemes
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What is the PRA objective?
Ensure safety and soundness of firms
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Who is the conduct regulator?
FCA
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What is the FCA main objective?
Ensure markets function well
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Who is the FCA accountable to?
Treasury
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How many times must the FCA make a report?
Annually
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Who are the FCA reports presented to?
Parliament
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Who appoints the FCA chairman and the board?
Chairman- chancellor Board- Treasury civil servants
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True or False the FCA is a governing body?
False - it is a company limited by guarantees
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Who is the Financial ombusmand accountable to?
FCA
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Who is the FCSC overseen by?
FCA and PRA
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Who appoints chairman and directors or FOS/FCSC?
FCA
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What is a dual regulated firm?
Firm who is governed by FCA and PRA
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What to the FOS do?
Resolve complaints that couldn't been resolved by firm
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What is the FCA Operational objectives?
Consumer protection, Integrity and competiton.
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What is the FCA Consumer protection objective?
Securing appropiate degree of protection for consumers
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What is the FCA Integrity Objective?
Protecting and enhancing the integrity of the UK financial system
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What is the FCA Competition Objective?
Promoting effective competition in the interests of consumers
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What is the focus of the FCA?
Conduct regulation of the firms
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True or false- FCA is responsible for the prudential supervision of its single regulated firms
True
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Combating financial crime is apart of what FCA objective?
Integrity
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Who overseas invetment exchanges and OTC markets?
FCA
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What is appropiate degree of protection based on?
Clients knowledge and nature of investment
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How is the FCA funded?
Regulated firms authorised under FSMA 200
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What are the sub points on the PRA general obejective?
Avoid Instability , minimise effect failure of PRA-authorised firms have on stability of market
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What is the PRA insurance objective?
Securing of appropiate degree of protection for policyholders
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True or false are the regulator accountable if they fail their objective?
True
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Do the FCA rules have to relate to their objectives?
Yes
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Can the FCA prosecute?
Yes
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What approach do the FCA take for supervison
Risk based
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What is proactive supervision?
FCA assess if firms have interest of clients and integrity of the market at heart and their culture
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Name four features of the proactive firm supervison framework?
Busniess model and stratgey analysis, Proactive engagement, Deep dive assessment and firm evaluation
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What is event driven work?
Dealing with issues that are emerging or happened and are unforeseen in their nature.
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What is issue and products?
Allows the FCA to address key conduct priorities at the issue and product level
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What is issue and products also known as?
Thematic supervision
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What are the four tools of supervision?
Diagnostic, monitoring, prevenative and remedial
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What is the diagnostic supervison tool?
identify, assesses and measure risk
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What is the monitoring supervison tool?
Track the development of identified risks
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What is preventative supervison tool?
Limit or reduce risks to prevent them from crystallising
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What is the remedial tool of supervison?
Respond to the risks when they have crystalised.
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Which supervisory tool is available once risks have crystalised?
Remedial
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What is the strategic objective for FCA?
Unsure markets function well
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Who are transactions reported to the regulator?
Reported using an approved reporting mechanism (ARM)
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What is the latest transaction reporting can happen?
No later than close of business following day
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What does an ARM (Crest) help do?
Surveillance of the market
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What are the general powers of the FCA?
Grant,vary or withdraw part 4a approval of individual authorise firms recognistion of other bodies, rule making, prosecute for financial crime and supervision,enforcement and disaplinary action
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True or false PRA powers extend to only PRA Authorised firms?
True
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Where does the FCA get the power to prosecute for insider dealing?
FSMA 2000
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What is treating customers fairly based on?
Outcomes
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What is outcome 1 of TCF?
Fair treatment of customers in central to culture of all firms
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What is outcome 2 of TCF?
Products and services meet needs of identified consumer groups and targeted accordingly
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What is outcome 3 of TCF?
Provided with clear information before, during and after point of sale
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What is outcome 4 of TCF?
Any advice is suitable and takes into account of their circumstances
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What is outcome 5 of TCF?
Products and services perform as led to expect
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What is outcome 6 of TCF?
Consumers don't face unreasonable barriers to change product, switch provider, submit a claim or make a complaint
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What must firms have in place to monitor effectiveness?
Management information
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Where do the FCA provide their case studies?
Website
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What is the competition and markets authority powers?
Tp investigate and block takeovers and mergers at interest of competition and consumers, Enforce consumer protection legislation, Prosecute unlawful cartel members
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What is the role of the information commisioner's office?
To uphold the information rights in the public interests fro DPA
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Name another roles of the information commissioners office?
To ensure data provacy for individuals and promote openess by public bodies
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What two acts do the ICO enforce and oversea?
Data protection act and Freedom of information act, environment informtion regs , privacyand electronic communicatyions regulation
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What is the role of the pension regulator?
To protect the members of work-based pension schemes
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What types of pensions do Pension regulator cover?
Occupational pensions
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What is the Bank of England objective?
Contribute to protecting and enhancing the stability of the fianncial system in the UK
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WHat must the Financial policy Committee do?
Identify, monitor and take action to remove or reduce systemic tisks with a view to protect and enhance the resilience of the UK fianncial system
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How many times a year do the FPC meet and write reports
meet 4 times a year and 2 yearly report
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Who is the primary tax revenue raising agency of the government?
HMRC
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What is the role of the Tax and chancery chamber of the upper tribunal?
Hears appeals against the FCA, PRA and Pension regulator decisions
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What product do HMRC directly regulate?
ISAs
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Within the FCA Handbooks out of Rules, evidentail provisons and guidance which one is binding on authorised persons?
Rules
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Does the statement of principle apply to firms or individual?
Individual
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Which of the FCA Handbook provisions are binding?
Rules , Directions and statement of principle
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Who provides guidance on money laundering?
Joint money laundering steering group
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What to the FCA/PRA encourage industrys to do?
Delevop its own best practice
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True or false confirmed industry guidance doesn't have the same legal status as regulator guidance?
False
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When would FCA not penalise a firm for?
Follwoing FCA Guidance
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Card 2

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How many times a year do the Financial policy commitee meet?

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4

Card 3

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Who do the Fincancial policy commitee control?

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Card 4

Front

What does the PRA have the ability to do?

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Card 5

Front

Who is the prudental regulator?

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