topic 7 The impact of recent changes Flashcards
What did the bank of england act 1998 do
Gave the bank of england the right to set the bank rate
What does the government want the cpi to be around
2%
What eu directive is still in the uk
The compensation scheme being 100,000 euros (£85,000) FSCS
What 3 regulatory body’s were made by the eu in 2011
The european banking authority - PRA
The european security’s and markets authority
The european insurance and occupational pensions authority
Other eu regulations adopted by the uk (NOT FSCS)
EU Gender DIrective - Prohibits insurance being different prices for men and females
Transparency directive - discloser’s of businesses finances each yearly in statements
CDR IV - means bankers cannot have a bonus more than 100% of their salary
What did the banking conduct of business sourcebook 2009 do
Requires banks to be clear and not to mislead consumers
What did the financial services and market act 2000 do
Created the FOS
What did the banking act of 2009 do
Allow the bank of england to shut down a bank before it becomes bankrupt
What did the 2010 financial services act do
Made financial stability one of the FSA’s regulatory objectives
Let the treasury made financial laws
What did the 2012 financial services act do
Introduced the fca and pra
established the fpc
What did the 2013 financial services act do
Introduced a ring fence so banks didn’t risk consumers money
Gave the PRA the abilities to stop the banks from using consumers money to invest in stocks n shares
Provided penalty’s for poor practices
Introduced a cap on payday loans
What must providers do if they give someone a packaged account
Check the consumer would be able to claim the insurance the account includes
Provide an annual statement to show how to claim the benefits
Ensures that the consumer knows if the policy’s are useful or not to them
What banks are the big 4
Barclays,lloyd,hsbc and natwest
Since when has the first £1000 of interest been tax free
2016 6th april
What percentage of the uk have internet
96%
