FCA Principles Flashcards
1
Q
What are the 11 FCA principles?
A
1) integrity
2) skill, care and diligence
3) management and control
4) financial prudence
5) market conduct
6) customers interests
7) communications with customers
8) conflicts of interest
9) customers relationship of trust
10) client assets
11) relationship with regulators
2
Q
What happens if principles are breached?
A
Disciplinary action is taken by the FCA against the authorised firm.
3
Q
What are outcome based regulations?
A
Based on the FCAs judgement of what might happen in the future.
4
Q
What must an approved person do when carrying out their controlled function.
A
Act with due skill, care and diligence
