Chapter 8 Financial Services Regulation

Question 1

Which law caused radical change in the UK Markets?

Answer 1

The financial services and markets act 2000

Question 2

What is the Financial Policy Committee?

Answer 2

Gives advice to BoE as BoE company for regulation of the stability of the financial system as a whole.

Question 3

What is the Prudential Regulation Authority?

Answer 3

The PRA is part of the BoE and is responsible for the prudential regulation of financial firms that manage significant risks on their books.

Question 4

What is the FCA?

Answer 4

The financial conduct authority. It is responsible mainly for protecting consumers, enhancing the integrity of the UK markets and promoting competitive and effective competition.

Question 5

What is authorisation?

Answer 5

Authorisation is essentially given out by regulators to allow businesses to operate in the financial services sector.

Question 6

What are the three stages of money laundering?

Answer 6

Placement, Layering and Integration.