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LM1 > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

what does PRA stand for

A

prudential regulation authority

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2
Q

what is the main objective of the PRA

A

promote the safety and soundness of PRA regulated persons

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3
Q

secondary objectives of PRA

A

ensuring PRA authorised ppl act properly

minimising any adverse effect from a PRA person

facilitating competition

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4
Q

conditions to be PRA approved

A

head office in UK

capable of being supervised

properly staffed

business to be conducted in a prudent manner

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5
Q

3 operational objectives for FCA

A

consumer protection
integrity
competition

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6
Q

what is the FCA’s approach

A

businesses should run on the ethos of treating customers fairly

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7
Q

what are the types of firms defined by FCA

A

fixed or flexible portfolio

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8
Q

what is a fixed portfolio

A

these need highest level of supervision and are a small %

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9
Q

what is a flexed portfolio

A

less risky, proactive supervision

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10
Q

two main types of regulation

A

byelaws and requirements

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LM1 (9 decks)

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