Financial institutions and regulatory bodies Flashcards
Bank of England (BoE):
The central bank of the UK, responsible for monetary policy, issuing currency, and maintaining financial stability.
Financial Conduct Authority (FCA):
The regulatory body responsible for overseeing the conduct of financial firms to ensure they operate fairly and transparently.
Prudential Regulation Authority (PRA):
A part of the Bank of England, the PRA regulates and supervises banks, building societies, credit unions, insurers, and major investment firms to promote the safety and soundness of these institutions.
London Stock Exchange (LSE):
One of the largest stock exchanges in the world, providing a platform for buying and selling shares of publicly listed companies.
Her Majesty’s Revenue and Customs (HMRC):
The UK government department responsible for the collection of taxes, the payment of some forms of state support, and the administration of other regulatory regimes including the national minimum wage.
The Pensions Regulator (TPR):
The regulator of work-based pension schemes in the UK, ensuring that workplace pensions are secure, fair, and that employers meet their obligations.
Financial Ombudsman Service (FOS):
Provides an independent and impartial service for resolving disputes between consumers and financial services firms.
British Bankers’ Association (BBA):
Represents the banking and financial services sector in the UK, providing a forum for member banks to discuss and address common issues (note: the BBA’s activities have been largely integrated into UK Finance).
UK Finance:
A trade association representing nearly 300 firms in the banking and finance industry, offering advocacy, research, and operational services.
European Securities and Markets Authority (ESMA):
Although the UK has left the EU, ESMA still influences UK financial regulation as it oversees the EU’s financial markets, ensuring they operate in a stable and transparent manner.
Retail Banks:
Provide banking services to individual consumers, including savings and checking accounts, loans, mortgages, and credit cards.
Commercial Banks:
Offer banking services to businesses, such as business loans, credit lines, and treasury management.
Investment Banks:
Specialize in services related to securities, including underwriting, mergers and acquisitions advisory, and trading of stocks and bonds.
Insurance Providers:
Offer various insurance products, including life, health, property, and casualty insurance, to protect individuals and businesses against risks.
Credit Unions:
Member-owned financial cooperatives that provide similar services to retail banks but typically focus on serving a specific community or group.
