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Financial services, regulation and ethics: RO1 > RO1: Chapter 4 > Flashcards

RO1: Chapter 4 Flashcards

1
Q

Who are the UK financial authorities?

A
  • HM Treasury
  • Financial Policy Committee
  • Prudential Regulation Authority
  • Financial Conduct Authority
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2
Q

Which regulator is responsible for preventing the misuse of the assets of an occupational pension scheme?

A

The Pensions Regulator

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3
Q

Who is responsible for putting into effect the UK Governments financial and economic policy?

A

HM Treasury

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4
Q

Whose aim to achieve rising prosperity by creating economic & employment opportunities?

A

HM Treasury

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5
Q

Who is the UK’s central bank?

A

Bank of England

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6
Q

What are the BoE’s 2 core purposes?

A
  • Monetary stability (Ensure prices & inflation remain stable)
  • Financial stability (detecting and reducing threats to the financial system)
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7
Q

What are systemic risks?

A

Market wide risks or risks that apply to all firms.

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8
Q

Who are the PRA responsible for?

A

larger firms such as bank and insurers

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9
Q

What does the PRA aim to do?

A

Promote the safety and soundness of the firms they are responsible for (focus on the harm firms can cause to the UK financial system)

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10
Q

What does the PRC do?

A

Take control of PRA important financial stability & supervision on policy decisions

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11
Q

What does CIC stand for?

A
  • Consumer protection
  • Integrity
  • Competition
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12
Q

What is CIC?

A

The FCA’s 3 operation objectives (Consumer protection, Integrity & Competition)

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13
Q

Why was the European Union designed?

A

It was designed to promote trade between its members with a view to creating a single market for all goods and services within the union.

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14
Q

What are passporting rights?

A

Allow UK to do business in EU countries

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15
Q

What does the EEA stand that?

A

European, Economic, Area

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16
Q

What 3 countries are in the EEA but not the EU?

A
  • Norway
  • Iceland
  • Liechtenstein
17
Q

What does the EU implement its rules through?

A
  • Treaties
  • Legislation
  • Regulations
  • Directives
  • Decisions.
18
Q

What is the ESA?

A

European Supervisory Authority

19
Q

What does the ESA do?

A

Works to ensure financial stability and to strengthen the EU supervisory framework.

20
Q

What does the ESA aim to create?

A

The ESA aims to create a single EU rulebook

21
Q

What does MIFID stand for?

A

Markets in Financial Instruments Directives

22
Q

What did MIFID I set out to do?

A

MIFID I Sets out how investment firms should be organised and conduct business and operate.

23
Q

What is the aim of MIFID II?

A

Sets out to improve the functioning of financial markets in light of a financial crisis and to strengthen investor protection.

24
Q

What is the aim of the Insurance Distribution Directive?

A

Aim to make it easier for firms to trade across borders and strengthen policy holder protection and provide a level playing field.

25
Q

What does the Basal Accords and CRD (Capital Requirements Directive) do?

A

Affects banks, building societies and certain types of investment firms. Aims to strengthen soundness and stability of the international banking system. Implemented in the EU via CRD (Capital Requirements Directive)

26
Q

What is the aim of the Competition and Markets Authority?

A

Ensure competition between companies in the UK remains fair for the benefit of business, consumers and economy

27
Q

What is a Transnational Merge?

A

Combining of 2 separate companies/businesses into a single new legal entity.

28
Q

What does the Pension Regulator do?

A

Aims to build confidence in pensions savings. Makes sure that employers meet their obligations by enrolling staff into a pension scheme and making contributions.

29
Q

Who is the Pension Regulator?

A

UK regulator for work-based pension schemes

30
Q

What is the aim of the Information Commissioners Office?

A

Set up to maintain information rights in public interest and promote openness by public bodies and data privacy for individuals.

Financial services, regulation and ethics: RO1 (11 decks)

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