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R01 2023 > 10 - FCA Use of Principles and Outcome based regulations > Flashcards

10 - FCA Use of Principles and Outcome based regulations Flashcards

1
Q

HLS PRIN 1

A

Integrity

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2
Q

HLS PRIN 2

A

Skill, care and dilligence

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3
Q

HLS PRIN 3

A

Management and Control

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4
Q

HLS PRIN 4

A

Financial Prudence - firm must maintain adequate financial resources

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5
Q

HLS PRIN 8

A

Conflicts of interest - a firm must manage conflicts of interest fairly

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6
Q

HLS PRIN 9

A

Customers: Relationship of trust - firm ensure suitability of advice

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7
Q

HLS PRIN 10

A

Arrange protection for client assets

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8
Q

HLS PRIN 11

A

Firm must deal with regulators in open and cooperative way and disclose anything to regulator

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9
Q

HLS PRIN 12

A

Consumer Duty - sets higher standards than previous principle 6 and 7 (customer interest and communications)

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10
Q

What princples do PRA only apply

A

PRIN 1-4 and 8-11 ONLY

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11
Q

What are FCA principles founded in

A

Ethics

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12
Q

Principle Based Regulation (PBR)
Outcome Based regulation

A

Principle based - general terms the types of behaviour it expects of firms and individuals

Outcome based regulation - The essence of OBR was about the regulator making judgments on what might happen in the future, rather than acting solely on observable facts.

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13
Q

6 Key Cultural Drivers of Corporate Culture

A
  1. Leadership
  2. Strategy
  3. Decision making
  4. Controls
  5. Recruitment, training and competence
  6. Reward
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14
Q

Corporate governance what is a part of its system (3)

A

Governence
Risk management
Compliance

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15
Q

FCA statement of Principle of Approved Persons (7)

A
  1. Integrity
  2. Skill, care and dilligence
  3. Market conduct
  4. Open and cooperative
  5. Organisation and Control
  6. Skill,care and dilligence in managing
  7. Compliance
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16
Q

Which principles under the HLS statements of principle and code of practice for approved persons apply only to accountable higher management functions

A

5-7

17
Q

Criteria for (FIT) Fit and proper test for approved person

A
  • Honesty, Integrity and reputation
  • Competence and capability
  • Financial Soundness
18
Q

Who is responsible for firms Conflict of interests policy

A

Senior management

R01 2023 (11 decks)

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