12. Other Regulatory and Legislative Requirements Flashcards
What is The Equality Acts 2010
Protects people from discrimination in the workplace & wider society
Money laundering usually has 3 stages
Placement
Layering
Integration
The proceeds of crime act 2002
Contains legislation on matters such as: client identification, reporting procedures
What is the role of the NCA
The National Crime Agency work closely with the police to identify and seize money that has come from criminal activity
What is the role of the Financial Ombudsman Service
Acts as an ombudsman for all complains against authorised person and regulated activities
When did GDPR come into effect
25 May 2018
Enforced by Data protection Act 2018
What is the role of the CMA
Competition & Markets Authority
Helps promote competition in the UK between companies
What is the role of the Consumer Credit Act 1974
Protects customers by monitoring credit companies
Modified by consumer credit act 2006
What is the role of The Pensions Regulator (TPR)
Protect the benefits of members of occupational and personal pension schemes
What is the role of the Pension Protection Fund (PPF)
Provide compensation to members with defined benefits (workplace pension) where employer has been insolvent
What is the role of The Pensions Ombudsman (TPO)
When someone has tried to solve a problem with their occupational pension and is not satisfied with outcome they could ask TPO to help
What is A Money Award
The FOS telling a firm what specific sum of money they should pay the customer to cover any financial losses
