Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

R01 > The Regulation Of Financial Services > Flashcards

The Regulation Of Financial Services Flashcards

1
Q

What was the main objective of the financial services and markets act 2000

A

To bring together regulation of all sectors of the financial services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Which regulatory bodies were created by FSMA 2000

A

FSA
FOS
FSCS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What changes did the financial services act 2012 make to the regulatory bodies

A

Split FSA into financial policy committee, prudential regulation authority and financial conduct authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What modifications did the Bank of England and financial services act 2016 make

A

The PRA became a part of the Bank of England

Prudential regulation committee replaced PRA board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the role of HMT in financial regulations

A

Formulates and effects the governments financial and economic policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the overall. Aim of HMT

A

To raise the rate of substantial growth and achieve rising prosperity by creating economic and employment opportunities for all

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the 2 core purposes of the Bank of England

A

Monetary stability and financial stability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the financial policy committee

A

An independent committee at the Bank of England

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 2 main objectives of the financial policy committee

A

To identify, monitor and take action to remove or reduce systemic risks

To support the economic policy of the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What’s the primary objective of the PRA

A

To promote safety and soundness of firms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the strategic objective of the FCA

A

To ensure financial markets work well

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the 3 operational objectives of the FCA

A

Consumer protection
Integrity of uk financial system
Competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What regulation is IDD replacing

A

Insurance mediation directive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What was the purpose of the insurance mediation directive

A

Minimum standards across EU countries for the regulation of the sale and administration of insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 3 pillars of the CRD

A

Minimum capital requirements

That firms must hold more capital to account for risks not covered in pillar 1

To improve market discipline by requiring firms to publish details of risks, capital and risk management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the main purpose of 4MLD

A

To provide common EU basis for implementing the revised financial action task force recommendations on money laundering

17
Q

What are the 5 strategic goals of the CMA

A 
Deliver effective enforcement
Extend competition frontiers
Refocus consumer protection 
Achieve professional excellence 
Develop integrated performance
18
Q

What is the role of The Pensions Regulator

A

Regulate work-based pension schemes

19
Q

What is the purpose of the Information Commisioner

A

To implement the DP act 1998

20
Q

Which subsidiary of the FCA regulated payment systems

A

The payment system regulator

R01 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions