Topic 7: The Impact of Recent Changes Flashcards
What act allowed Bank of England to control rates
Bank of England act 1998
What were the bank rates in 1980, 1990 and 1998
17%
- 8%
- 5%
What was unemployment rate at the end of 2020
4.9%
Boomerang Generation
young adults who leave home then return as they cant afford housing
1 in 4 young adults with parents in UK (2019)
What is the European System of Financial Provision (ESFS)
system to strengthen and stabilize financial sector through Europe
European systematic risk board
monitors risk to entire system
European Banking Authority (EBA)
ensures effective and prudential regulation and supervision across EU banking system
European Securities and Market authority (ESMA)
ensures integrity, transparency efficiency of markets and enhances investor protection
European Insurance and Occupational Pensions Authority (EIOPA)
supports stability, transparency in markets, protects insurance policyholders and pension schemes
EU Deposit Guarantee Scheme Directive
EU legislation sets minimum level of 100,000 (2010) for compensation if institution fails
EU Gender Directive
equality for men and women accessing products
EU Transparency Directive
requires financial providers to store and provide regulated information
Capital Requirements Directive
Specifies liquid assets providers must hold to ensure they can meet demands of consumers
Remuneration Code
Code from FCA, 50% of bonuses paid in form of shares
Credit act 2006
increased power of office of fair trading
