High Level Standards for Firms

Question 1

Principles for businesses (11)

Answer 1

• Integrity
• Skill care and diligence
• Management and control
• Financial Prudence
• Market Conduct
• Customer’s interests
• Communication with clients
• Conflicts of interests
• Customers: relationship of trust
• Client’s assets
• Relations with regulators

Question 2

Approved Persons Regime

Answer 2

Significant influence Functions;

• Governing functions
• Required functions (Comp, CASS, MLRO)
• Systems and Controls function (Financial affairs , internal audit
• Significant management function (head of equities/settlement)

Customer dealing function

Question 3

Fit and Proper Test

Answer 3

• Honesty , Integrity and reputation
• Competence and capability
• Financial Soundness

Question 4

Code of practice all Approved persons

Answer 4

1) Act with integrity
2) Act with due skill, care and diligence
3) Observe proper standards of market conduct
4) Deal with FCA open and co-operative way

Question 5

Code of Practice - SIF approved persons only

Answer 5

5) Ensure business firm organised and controlled effectively
6) Skill care and diligence when managing business
7) Ensure compliance with regulations