Revision

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BoE Statutory Objective
Contribute to protecting and enhancing the stability of the financial systems of the UK
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What are the consequences for a firm if they breach the principles of business?
Liable to disciplinary sanctions
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Statements of Principle for approved persons 1
Act with integrity in carrying out his controlled function
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Statements of Principle for approved persons 2
Act with due skill, care and diligence in carrying out his controlled function
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Statements of Principle for approved persons 3
Observe proper standards of market conduct in carrying out his controlled function.
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Statements of Principle for approved persons 4
Deal with the FCA/PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA/PRA would reasonably expect notice
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Code of Practice for Approved Persons - Significant Influence Function 1
Take reasonable steps to ensure that the business of the firm for which he is responsible in his controlled function is organized so that it can be controlled effectively
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Code of Practice for Approved Persons - Significant Influence Function 2
Exercise due skill, care and diligence in managing the business of the firm for which he is responsible in his controlled function
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Code of Practice for Approved Persons - Significant Influence Function 3
Take reasonable steps to ensure that the business of the firm for which he is responsible in hbis controlled function complies with the relevant requirements and standards of the regulatory system
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SIF? CF?
Significant influence function
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CF?
Customer function
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The FCA Strategic Objective
Ensuring the relevant markets function well
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The FCA Operational Objective 1
The Customer Protection Objective: Securing an appropriate degree of protection for customers
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The FCA Operational Objective 2
The Integrity Objective: Protecting and enhancing the integrity of the UK financial systems
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The FCA Operational Objective 3
The Competition Objective: Promoting effective competition in the interests of consumers
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The PRA General Objective
Promoting the safety and soundness of PRA authorized persons
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The PRA Insurance Objective
Contributing to the securing of an appropriate degree of protection for those who are or may become policyholders
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Conduct Risk: Rule-based approach
Based on generic standard setting / Rules and guidance powers are used / Supervision assesses compliance with rules / formal consultation process exists / The approach leads to judgment about the firm
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Conduct Risk: Forward-looking approach
Based on subjective judgment of the firm / threshold conditions powers are used / supervision challenges the firm about behavior / there is no consultation / the approach leads to standard setting for the firm
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Other cards in this set

Card 2

Front

What are the consequences for a firm if they breach the principles of business?

Back

Liable to disciplinary sanctions

Card 3

Front

Statements of Principle for approved persons 1

Back

Preview of the front of card 3

Card 4

Front

Statements of Principle for approved persons 2

Back

Preview of the front of card 4

Card 5

Front

Statements of Principle for approved persons 3

Back

Preview of the front of card 5
View more cards

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