CISI Unit 1 - UK Regulation
Who does the FCA report too? - Answer-HMT
Who does the PRA report too? - Answer-The BOE
Who did the PRA and FCA replace? - Answer-The FSA, as of the FSA2012
FCA's Strategic Objective - Answer-Make sure relevant markets function well
FCA's Operational Objec...
PRA Objectives - Answer-Promote safety and soundness of financial system, avoid instability, minimize
adverse effect of failure, secure an appropriate degree of protection for policy holders
4 Tools of supervision - Answer-Diagnostic, monitoring, preventative, remedial
6 Outcomes of Fair Treatment - Answer-Fair treatment, need of identified customers, clear information,
suitable advice, perform as expected, no unreasonable post-sale carries
Principles for Business - Answer-I See Many Fair Maiden's at the 5C's Regatta
-Integrity
-skill/care/diligence
-management and control
-financial prudence
-market conduct
-5C's (customers' interests, communication with clients, conflicts of interest, customers' relationship of
trust, client assets)
-relationships with regulators
The Competition & Markets Authority - Answer-Investigate and block takeovers or mergers
Information Commissioner's Office - Answer-All about data and data privacy
Pensions Regulator - Answer-Protect member's of work based pension schemes
BoE - Answer-Statutory objective = protect and enhance the stability of financial systems
FPC (Financial Policy Committee) - Answer-Meets 4 times a year (quarterly) and produces biannual
(twice a year) report
The General Prohibition (S19) - Answer-"no person may carry on a regulated activity in the UK unless he
is an authorized person"
Specified activities - Answer-dealing, arranging, managing, advising, operating a MLTF or OTF
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