Regulatory environment Flashcards
What is the FCA’s Statutory objective?
Ensuring the relevant markets function well
What are the FCA’s Operational Objectives?
CONSUMER PROTECTION - Consumer protection (appropriate degree)
INTEGRITY - Protecting and enhancing integrity of financial system
COMPETITION - Promoting effective competition in the interest of consumers
Who does PRA look after?
Deposit takers
Insurance
Significant Investment Firms
What are PRA objectives
GENERAL AND INSURANCE OBJS
promote safety and soundness of PRA only firms (avoid instability, minimise adverse affect of failure)
Securing appropriate degree of protection insurance holders
How often is FCA report?
1 a year
What are FCA 3 pillars?
Proactive Firm Supervision (firm business model)
Event Driven Work
Issues and Products (Sector, aka thematic)
4 tools of FCA supervision
Diagnostic, Monitor, Preventative, Remedial
When must transactions be reported to FCA?
As soon as possible, but no later than close of day
Treating Customers Fairly 6 outcomes
- fair treatment of customers central to CORPORATE CULTURE
- products and services MEET THE NEEDS
- consumers provided with CLEAR INFORMATION
- advice is SUITABLE
- performance of products AS LED TO EXPECT
- do not face POST SALE BARRIERS
What does CMA do?
Competition and Markets Authority investigate and block M&A, prosecute cartel members, enforce consumer protection legislation alongside FCA
What does the Pensions Regulator look after?
WORK BASED PENSIONS only
Strategic objective of CMA
Enforcement, Competition, Consumer protection, professional excellence, effective multi-disciplinary advisor
How often does FPC meet and release reports?
4 times a year and issues biannual Financial Stability Report
Where can individuals or firms appeal and against what?
upper Tribunal of Tax and Chancery Chamber against FCA, PRA or pensions regulator decisions
