PRA & FCA Flashcards
1
Q
What are the 3 elements of being “fit and proper”?
A
-Integrity
-Competence
-Financial soundness
2
Q
How is integrity checked?
A
-previous employers
-social media
3
Q
How is competence checked?
A
-meets requirements in the “training and competence sourcebook”
-experience and training (examinations)
-continuous professional development
4
Q
How is financial soundness tested?
A
-credit score (bankruptcy, debt)
5
Q
What does SMCR stand for?
A
Senior managers and certification regime
6
Q
What does SMCR do
A
-create accountability (legally!)
7
Q
Name 5 principles for business
A
-Integrity
-customer’s interest
-communications with clients
-relations with regulators
-conflicts of interest
8
Q
What are threshold conditions?
A
The minimum standards that fis need to maintain to be authorised
