9. Financial Services Regulators Flashcards
Under the Financial services Act 2012, responsibility is split between?
- Financial policy committee (FPC)
- Prudential regulation authority (PRA)
- Financial conduct authority (FCA)
What is the prudential regulation committee (PRC) responsible for?
Supervision of, banks, building societies, credit unions, insurers and major investment firms
What is the PRA responsible for?
Regulator within the Bank of England
Responsible for the stability of important financial institutions.
What are the 3 operational objectives of the FCA
- Protect consumers
- Protect financial markets
- Promote competition
Who does the SM&CR apply to
Banks, insurers regulated by PRA & FCA and solo regulated firms regulated by FCA
What are the 3 main elements of the SM&CR
- Senior managers regime - focuses on those with key roles
- Certification regime - focuses on those roles that can pose a significant risk
- Conduct rules - apply to most staff
When did the Insurance Distribution Directive come into force?
22 February 2016
What is the main aim for the IDD
Enhance consumer protection when buying insurance
Who are The Upper Tribunal (Tax & Chancery Chamber)
An appeal body for those that have been “unfairly treated” by the FCA
Under FSMA 2000 what penalties can be imposed for insider dealing
7 years in prison or an unlimited fine
Under the proceeds of crime act 2002, money laundering is punishable by
Upto 14 years in prison and unlimited fine
