Week 4 Flashcards
What is the Senior Management and Certification Regime (SM &CR)
Give clarity of responsibilities within a firm
What are the three types of firms in terms of application in the Senior Management and Certification Regime (SM&CR)
- Limited Scope
- Core
- Enhanced
How often are key staff checked under the fit and proper regime?
annually
What is the three regimes in the Senior Management and Certification regime?
Senior manager regime - rules for senior people
Certification regime - Covers customer facing people like advisers
Conduct rules - good practise by everyone in the firm
Can the FCA take action against somebody who was previously approved?
Yes. The FCA must take action within three 3 years of the wrong doing being discovered
What is CPD?
Continuous Professional Development
How many hours of Continuous professional development should be completed in 12 months?
35 hours - 21 being structured hours
How long should MiFiD firms keep records of employees training and competence?
At least 5 years after they leave
How long should non-MiFiD firms keep records of employees training and competence?
At least 3 years after they leave
How long must records of inducements be kept for?
5 years
How long are records of pensions kept for?
Indefinitely. Pension transfers, pension opt outs and pension transfer training are kept indefinitely
How long should financial promotions that relate to pension products be held for?
6 years
What is the RegData system?
Where the FCA holds it’s data on firms
What do firms have to report on the RegData system?
(CCCP)
-Complaint Level
-Client funds
-Capital Adequacy
Persistency levels
How often should a Retail Mediation Activities Report (RMAR) be submitted to the FCA?
Every 6 months
