3.1 Flashcards
1
Q
Reasons to regulate banking and finance
A
- Protects customers from dishonest or financially unstable providers
- Reduces likelihood of future financial crisis
- Gives people confidence in financial system.
2
Q
Three bodies that replaced the FSA
A
- FPC
- FCA
- PRA
3
Q
What are the FPC, FCA and PRA responsible for?
A
- Enforcing system of regulation
- Maintaining stability of the industry and of individual providers
- Ensuring that consumers are fairly treated
4
Q
Mis-selling definition
A
When a provider is reckless in selling a product to an unsuitable customer
5
Q
Payment protection insurance definition
A
Insurance product that ensures repayment of loans if a borrower face unexpected events that prevent them from repaying the debt.
6
Q
Who has responsibility for regulating consumer credit?
A
FCA
7
Q
Political agenda definition
A
A set of government policies focused more directly on helping to ensure that every individual has access to the benefits that financial products can provide.
8
Q
Social inclusion definition
A
Ensuring all individuals and groups in society have access to certain rights, such as employment
