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Flashcards in The Regulation Of Financial Services Deck (20)
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1

What was the main objective of the financial services and markets act 2000

To bring together regulation of all sectors of the financial services

2

Which regulatory bodies were created by FSMA 2000

FSA
FOS
FSCS

3

What changes did the financial services act 2012 make to the regulatory bodies

Split FSA into financial policy committee, prudential regulation authority and financial conduct authority

4

What modifications did the Bank of England and financial services act 2016 make

The PRA became a part of the Bank of England
Prudential regulation committee replaced PRA board

5

What is the role of HMT in financial regulations

Formulates and effects the governments financial and economic policy

6

What is the overall. Aim of HMT

To raise the rate of substantial growth and achieve rising prosperity by creating economic and employment opportunities for all

7

What are the 2 core purposes of the Bank of England

Monetary stability and financial stability

8

What is the financial policy committee

An independent committee at the Bank of England

9

What are the 2 main objectives of the financial policy committee

To identify, monitor and take action to remove or reduce systemic risks

To support the economic policy of the government

10

What's the primary objective of the PRA

To promote safety and soundness of firms

11

What is the strategic objective of the FCA

To ensure financial markets work well

12

What are the 3 operational objectives of the FCA

Consumer protection
Integrity of uk financial system
Competition

13

What regulation is IDD replacing

Insurance mediation directive

14

What was the purpose of the insurance mediation directive

Minimum standards across EU countries for the regulation of the sale and administration of insurance

15

What are the 3 pillars of the CRD

Minimum capital requirements

That firms must hold more capital to account for risks not covered in pillar 1

To improve market discipline by requiring firms to publish details of risks, capital and risk management

16

What is the main purpose of 4MLD

To provide common EU basis for implementing the revised financial action task force recommendations on money laundering

17

What are the 5 strategic goals of the CMA

Deliver effective enforcement
Extend competition frontiers
Refocus consumer protection
Achieve professional excellence
Develop integrated performance

18

What is the role of The Pensions Regulator

Regulate work-based pension schemes

19

What is the purpose of the Information Commisioner

To implement the DP act 1998

20

Which subsidiary of the FCA regulated payment systems

The payment system regulator