24. Other regulations affecting the advice process Flashcards
1
Q
Data protection principles
A
- Proceessed lawfully
- Collected for a legitimate purpose
- Adequate and relevant
- Kept accurate and up to date
- Kept in a form
- ensures security
2
Q
GDPR requirements
A
Data subject Personal data special categories processing data controller data processor
3
Q
8x ICO enforces powers
A
serves notices issues undertakings enforcement notices audits assessment notices monetory penalty notices Prosecute issue a ban
4
Q
Pension regulator
A
protect pension schemes
promote good administration
reduce risk
5
Q
Pension protection fund
A
protects private pension schemes if companies become insolvent
6
Q
EU Directives which affect financial sector
A
1 Electronic money regulations 2 Investment service directive (ISD) 3.Markets in financial instruments directive (MiFID) 4.UCITS 5.Life assurance 6.General insurance
7
Q
8x reforms under MIFID 11
A
conduct of business rules transparency development in market structures organisational requirements commodity derivatives high frequency trading disclosure suitability
8
Q
Insurance distribution directive
A
aims to address issues of inconsistency with regard to the IMD and provide better consumer protection
9
Q
8x reforms under the IDD
A
extension of the scope enhanced professionalism conduct of business rules mandatory disclosures requirement for standardised Insurance product info doc stricter reequirments additional info requirements simplified procedure
10
Q
Oversight groups
A
auditor
Internal auditors
trustees
compliance officer
