FCA and PRA principles of regulation and co-operation

Question 1

What are they

There are 8 principles

Answer 1

• Efficient and economic use of resources
• Proportionality of regulation to ensure that burdens placed on firms are proportionate with the expected benefits
• The desirability of sustainable growth in the UK economy in the medium or long term
• Consumer responsibilities, consumers must take responsibility for their actions
• A firm’s senior management has responsibility to comply with the regulatory framework
• Where appropriate, each regulator should exercise their functions in such a way that recognises the differences between businesses
• Openness and disclosure
• Transparency