Chapter 4 Flashcards
1
Q
What was FSA disbanded into?
A
FPC, PRA and FCA
2
Q
Four UK Financial Authorities
A
HM Treasury, BoE, FCA and PRA
3
Q
HM Treasury is responsible for…
A
Formulating and putting into effect the UK Governments financial and economic policy
4
Q
BoEs two core purposes
A
- Monetary stability
- Financial stability
5
Q
BoE has responsibility for the
A
- Settling of payments
- Functioning of UK markets
- Provision of routine/emergency liquidity to banking system
6
Q
PRA is responsible for regulation and supervision of…
A
- Banks
- Building Society
- Credit Unions
- Insurers
- Major investment firms
7
Q
FCA Operational Objectives
A
- Protect consumers
- Protect integrity of financial markets
- Promote competition
8
Q
FCA Regulatory Principles
A
- Efficiency & economy
- Proportionality
- Sustainable growth
- Consumer responsibility
- Senior management responsibility
- Recognising difference in businesses carried out
- Openness and disclosure
- Transparency
9
Q
Legislative acts of the EU
A
- Treaties
- Legislation
- Regulations
- Directives
- Decisions
10
Q
European Supervisory Authorities (ESAs)
A
- ESMA
- EBA
- EIOPA
11
Q
CMA 5 Strategic Goals
A
- Delivering effective enforcement
- Extending Competition Frontiers
- Refocusing Consumer Protection
- Achieving professional excellence
- Developing Integrated Performance
12
Q
The Pensions Regulator
A
The UK regulator of work-based pension schemes
13
Q
Fines imposed by TPR
A
- £5,000 for an individual
- £50,000 for a company
- Winding up a scheme
- Court injunctions
14
Q
Information Commissioners Office
A
- UK independent public body
- Maintains information rights in public interest
- Promotes openness by public bodies
- Promotes data privacy for individuals
- Enforce compliance with GDPR & DPA
