The Regulatory Environment: UK Financial Regulatio
The Regulatory Environment: UK Financial Regulatio
The Regulatory Environment: UK Financial Regulatio
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The Regulatory Environment: UK Financial Regulations CISI
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The Regulatory Environment: UK Financial Regulatio
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The Regulatory Environment: UK Financial Regulatio
The Regulatory Environment: UK Financial Regulations CISI
When did the Financial Services and Markets Act (FMSA) come into effect? - Answer-Nov 30 2001
What did the FMSA establish? - Answer-The FSA to replace self-regulatory organisations (SROs)
The Financial Ombudsman Service (FOS)
The Fin...
The Regulatory Environment: UK Financial Regulatio
The Regulatory Environment: UK Financial Regulatio
The Regulatory Environment: UK Financial Regulatio
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The Regulatory Environment: UK
Financial Regulations CISI
When did the Financial Services and Markets Act (FMSA) come into effect? - Answer-Nov 30 2001
What did the FMSA establish? - Answer-The FSA to replace self-regulatory organisations (SROs)
The Financial Ombudsman Service (FOS)
The Financial Services Compensation Scheme (FSCS)
The UK listing regime - UK listing authority (UKLA)
Criminal penalties for market abuse
What act amended the FMSA? - Answer-The Financial Services Act 2012
What two regulatory bodies did the FSA 2012 introduce? - Answer-FCA and PRA
What did the FCA and PRA replace? - Answer-Financial Services Authority (FSA)
Who does the PRA regulate? - Answer-dual-regulated firms
banks, building societies, credit unions, insurers, major investment firms
Who does the FCA supervise and regulate? - Answer-All non-dual regulated financial institutions that are
not regulated by the PRA e.g. intermediaries, investment exchanges
Who is an authorised person? Who is included? - Answer-A person authorised to perform regulated
activities
PRA/FCA authorised persons
The Society of Lloyds
Overseas firms qualifying with special provisions under part 4A of FSMA (e.g. EEA, treaty firms, UCITS)#
Investment companies with variable capital (ICVCs) under OEIC regulations 2001
What is Part 4A permission? - Answer-Permission under Part 4A of the Financial Services and Markets
Act 2000 to carry out specified regulated activities.
What body does the PRA belong to? - Answer-The Bank of England
What is the role of HMT? - Answer-Developing and executing British Government's public finance and
economic policy
and overall responsibility of the financial services sector in the UK.
How does the HMT provide oversight for the FCA? - Answer-Can appoint or dismiss FCA board and chair
Commission reviews into FCA operations
FCA must submit a report to HMT at least once annually, which is laid before parliament.
, What is the role of the BoE? - Answer-Monetary stability - stable prices by meeting the government
inflation target. Target met by adjusting base interest rate agreed by the MPC (monetary committee
policy) monthly.
Financial stability- Detecting and reducing threats to stability of the financial system - area of the PRA
To whom are the FCA accountable? - Answer-The government via HMT
What is the FOS? What is its role? - Answer-Financial Ombudsman Service (part 16 FSMA)
Single scheme for resolving consumer and firm disputes
What is the FSCS? What is its role? - Answer-Financial Services Compensation Scheme
Safety net for customers of financial services when firms unable to repay them.
Firms unable to pay can claim under FSCS for compensation, subject to limits.
What is the CMA? What is its role? - Answer-Competition and markets authority.
Promote competition for the benefit of customers.
Investigates mergers that can restrict competition, conduct market studies in markets with competition
issues, criminal proceedings against cartel offences etc.
What is the ICO? What is its role? - Answer-Information Commisioner's Office
Upholds information rights by administering provisions of the Data Protection Act DPA May 2018.
Protection of personal data and information access under appropriate circumstances.
What is the pensions regulator? What is its role? - Answer-Regulator of work-based pension schemes.
Objectives under Pension Acts (2004, 2008) to protect benefits of members and reduce situations that
lead to compensation being payable from the PPF.
What is the pension protection fund (PPF)? - Answer-Set up by Pensions Act 2004.
Reports to parliament through Secretary of State for Work and Pensions.
If employers become insolvent, PPF covers promised pensions for employees affected if scheme cannot
afford to buy benefits from insurance company >= money the PPF would pay.
What is the financial protection committee (FPC)? - Answer-Committee of the BoE with a focus on macro-
economic issues threatening growth of the UK economy.
What is the Upper Tribunal? - Answer-Tax and Chancery Chamber
Agency of ministry of justice. Assists those who wish to appeal against financial regulators or the
pensions regulator.
What is the POTM? - Answer-The Panel on Takeovers and Mergers
What is a decision notice? What types of financial decision notices exist? - Answer-a written notice of a
disciplinary or regulatory decision issued by regulators.
-penalties for market abuse
-public statements and penalties for disciplinary measures
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