Chapter 1 Flashcards
FCA SYSC 1-10
1 - Application and purpose 2 - Senior Management Arrangements 3 - Systems and controls 4 - General organisation requirements 5 - Competent employees 6 - Compliance, IA and financial crime 7- Risk control 8 - Outsourcing 9 - Record keeping 10 - Conflicts
Conduct Drivers
I
B
E
Inherent
Behaviour and structure
Environmental
Approved persons: statement of principles
1 - Integrity 2 - Skill care and diligence 3 - Market conduct 4 - Open and cooperative SIF - 5 - Organisation and control 6 - Skill care and diligence in managing 7 Compliance
FCA three pillars
P - fsf
R
T
Proactive - supervision - firm specific supervision
Reactive - event driven
Thematic - issues and products
FCA statutory objective
Protect and enhance confidence in the UK Financial System
Firm Categorisation
F
F
Fixed portfolio - size, market presence, customer footprint strategy assessment every two years Regular meetings Regular review of MI Annual strategy meeting one or two deep dives annual evaluation baseline monitoring - reg returns Flexible portfolio - Thematic reviews, comms, engagement, education, call centre support
FCA operational objectives
C
I
C
Competition - Promote efficiency and choice
Integrity - Protect and enhance integrity in UK financial system
Consumer - Secure protection for consumers
Outcomes / Judgement based regulation
Enables FCA to be proactive
Makes judgement out of possible outcomes
Runs alongside principles based regulation
Financial Advice Markets Review
Amended definition of regulated advice Guidance on nan advised services Framework for streamlined advice Modified time limits for appropriate qualifications Improve suitability reports Sand box to assist rob advice Standards for fact find information Release pot to pay for pre retirement advice Review PII market FOS improvements - no long stop
Senior Managers Regimes
Approved Persons - IFA, Wealth Managers
Senior Insurance Managers Regime - Insurance
Senior Managers and Certification Regime - Banks
By 2018 all in SM and CR
