R01 The FCA handbook 2 Flashcards
What is some low level enforcement that the FCA can use?
Make public announcements, Order compensation to be paid to consumers, de authorise a firm, issue fines
What is some high level enforcement the FCA can use?
Criminal charges, order a firm to go insolvent
When can the FCA criminally prosecute you?
insider dealing, money laundering,
Where does the FCA refer disciplinary action? (RDC)
Regulatory decisions committee (RDC)
Where can you appeal FCA decisions?
The Upper tribunal (tax and chamber)
What is Free Asset Ratio?
A measure of capital adequacy. It is a measure of the difference between the reserves held by the insurer and the expected liabilities
What is the Financial stability board (FSB)?
Made up of major global financial institutions to look for potential global vulnerabilities
What does PRIN stand for
Principles of business
What are some examples of principles of business?
Act with integrity, avoid conflict of interest, act within the consumer principle
What do the systems and controls need to meet (SYSC)
Common platform requirements
What does COCON stand for?
code of conduct
What is a part 4a permission in the code of conduct
Permission to conduct regulated business
What does FIT stand for in the code of conduct
fit and proper testing. FCA testing to show you can give regulated advice
Does the FCA say you are being investigated?
yes in all but limited circumstances
Under the Mortgage Market Review who is responsible for ensuring the affordability of the mortgage
The lender
