9. Financial Services Regulators

Question 1

Under the Financial services Act 2012, responsibility is split between?

Answer 1

• Financial policy committee (FPC)
• Prudential regulation authority (PRA)
• Financial conduct authority (FCA)

Question 2

What is the prudential regulation committee (PRC) responsible for?

Answer 2

Supervision of, banks, building societies, credit unions, insurers and major investment firms

Question 3

What is the PRA responsible for?

Answer 3

Regulator within the Bank of England

Responsible for the stability of important financial institutions.

Question 4

What are the 3 objectives of the FCA

Answer 4

• Protect consumers
• Protect financial markets
• Promote competition

Question 5

Who does the SM&CR apply to

Answer 5

Banks, insurers regulated by PRA & FCA and solo regulated firms regulated by FCA

Question 6

What are the 3 main elements of the SM&CR

Answer 6

• 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

Question 7

When did the Insurance Distribution Directive come into force?

Answer 7

22 February 2016

Question 8

What is the main aim for the IDD

Answer 8

strengthen policyholder protection and make it easier for firms to trade cross-border

Question 9

Who are The Upper Tribunal (Tax & Chancery Chamber)

Answer 9

An appeal body for those that have been “unfairly treated” by the FCA