5.2 Flashcards
PRA
2 statutory objectives
Promote safety and soundness of regulated firms
Secure an appropriate degree of protection for policyholders which is specific to insurers
PRA
Secondary objectives
Minimise the adverse impact of a PRA authorised persons failure could be expected to have on the stability of the uk financial system
Ensure PRA authorised persons carry on in a way which avoids adverse impact on the system
PRA
3 characteristics of the approach to regulation and supervision
Judgement based approach
Forward looking approach
Focused approach
FCA
Single strategic objective
Making markets work well
FCA
Three operational objectives
Securing an appropriate degree of protection for consumers
Promoting efficiency and choice
Protecting and enhancing the integrity of the uk financial system
FCA
Three pillars
Proactive firm supervision
Event driven work
Issues and products
Complaints against the FCA
The fca has a complaints commissioner to investigate complaints and respond to the fca and the complainant
FCA visits
Business operations
TCF schemes, compliance, complaints
Personnel matters
T&C, adviser competence, procedural
Customer matters
Suitability letters, fact finds, client money
Close links
Fca need to ensure close links with another person will not prevent effective supervision
Principles for approved persons
Who do they apply to
Anyone subject to individual registration
How is the fca funded
Through levies on the financial services industry
Other fees due from authorised firms
FOS, FSCS, MAS
Capital requirements directive
CRD
Not
CAD
ICOBS pure protection
Term assurance
Critical illness cover
FCA must notify a person…..
For falsely describing themselves as authorised
