Principles And Rules Flashcards
What does general prohibition state?
Only authorised or exempt persons can legally carry out regulated activities.
What are the categories of a Designated Professional Body
1 - exempt professional firm
2 - authorised professional firm
Who is exempt from part 4a permission?
Individuals or firms who have appointed representative status.
What was the biggest change to the certification regime?
The onus is on the firm, not the regulator, to assess and approve individuals
What are the stages of money laundering?
Placement, layering, integration
What must be verified under customer due diligence?
1 - Verification of customers name (passport, driving license)
2 - verification of customers address (utility bill dated within 3 months)
How long must records of money laundering checks be kept?
At least 5 years after the end of the customer relationship or 5 years after the transaction has taken place.
What is the difference between a controller and a processor?
A controller stipulates how and why data is processed.
A processor acts on behalf of the of the controller.
What are the two groups of data?
Personal - name, address, DOB etc
Sensitive - race, sexual orientation, mental health etc
How long should details of training be kept for?
Non-MIFID - 3 years
MIFID - 5 years
Life and Pension Materials - 6 years
Pension Transfer Specialists - Indefinitely
What are the complaint handling timescales?
- acknowledgement - within 5 working days
- progress reports - within 4 weeks
- written response - within 8 weeks
A complainant must be advised of their right to complain to the FOS within 6 months
What are the maximum compensation limits for the FSCS?
- deposits - 100% capped at £85,000
- investments - 100% capped at £85,000
- general insurance (compulsory - car or building) - 100% of the claim with no upper limit
- general insurance (non-compulsory - contents) - 90% of the claim with no upper limit
- mortgages - 100% capped at £85,000
