Pt 4. The Regulation of Financial Services - Other Regulators

Question 1

What is CMA?

Answer 1

• Competition and Markets Authority
• Works with HM Treasury and FCA as an independent public body to ensure competition between companies in UK remains fair for benefit for business, consumers and economy as a whole.

Question 2

What are the responsibilties of CMA?

Answer 2

• Investigate mergers between organisations to ensure they don’t reduce competition.
• Investigating entire markets if it believes there are competition or consumer problems.
• Taking action against businesses and individuals that take part in cartels or anti-competitive behaviour.
• Protecting consumers from unfair trading practices.
• Encouraging governemnt and other regulators to use competition effectively on behalf of consumers.

Question 3

What are the 5 strategic goals of CMA?

Answer 3

1. Delivering effective enforcement.
2. Extending competition frontiers
3. Refocusing consumer protection
4. Achieving professional excellence
5. Developing integrated performance.

Question 4

What are the TPR?

Answer 4

• The Pensions Regulator
• The Uk regulator of work-based pension schemes.
• Seeks to be a strong, visible regulator that helps build confidence in pensions savings.
• Works to ensure pension schemes are adequately funded and run in best interests of retirement savers.
• Ensures employers meet their obligations enrolling staff into a pension scheem and making contributions.

Question 5

What are the TPR objectives?

Answer 5

• Protect benefits of memebrs of occupational pension schemes.
• Protect the benefits of members of personal pension schemes.
• Promote, and improve understanding of good administration of work based pension schemes.
• Reduce risk of situations arising that may lead to compensation payable from Pension Protection Fund (PPF).
• Maximise employer compliance with employer duties, and employment safeguards introduced by Pensions Act 2008.
• Minimise adverse impact on sustainable growth of employer in respect of DB scheme funding.

Question 6

What registrars do TPR hold?

Answer 6

• Occupational and personal pension schemes; including auto-enrolment schemes, register of trustees, and register of prohibited trustees.

Question 7

What is the ICO?

Answer 7

• Information Commissioner’s Office
• The UK’s independent public body set up to maintain information rights in public interest, promoting openness by public bodies and data privacy for individuals.

Question 8

What is ICO’s main duty?

Answer 8

• To oversee and enforce compliance with GDPR and Data Protection Act 2018.
• Data processing without required notification to Information Commissioner or breach in GDPR Data Protection Principles is an offence punishable in court of law.

Question 9

What is the ICO’s oversight?

Answer 9

• Privacy and Electronic Communications Regulations
• Freedom of Information Act 2000
• Environmental Information Regulations