Topic 12 Flashcards
Arrow 2 is
Fsa -advance risk response operating frameWork
Identify main risk to its fulfiment of the 4 statutory objectives
FSA principles of good reg?
Allocation of resources in most economical way
Cost of reg proportionate to benefits
Facilitating innovation
Facilitation - not having an adverse affect on competition
Probability factors are
Relate to likelihood of problem occuring
May be categorised under various headings….
Bus risk, control risk,
Impact factors
Effect on the economy
High level std section from fsa handbook covers:
Principles for businesses
Responsibilities of senior mgmt
Stds for becoming and remaining auth
Fit and proper test
Fsa 11 principles for bus
Integrity Skill care dilligence Mngmt and control Fn pru Market conduct Consumer interest Comm with client Conflit of interest Suitability of advice Adequate protection of client assets Relations with reg
Controlled functions
5 cats
Governing - senior mgmt Required- mlro, compliant Systems and control- head of fin, audit Sig mngmt funtions- Cons funtions- advisors etc
Injunction
Prevent person from benefitting from contravention
Restitution
Fortiet to fsa any profit made from activity
Fsa is req to take into account 4 types of risk
Pru
Bad faith
Complexity
Performance- investments failing
Resp of complaince mnger
Compliance manual
Record- complaint, product info
Staff recruitment. Training
Corress with fsa
