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In addition to the FCA and the PRA, there are other bodies: 5 Lernen beginnen
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Competition and Markets Authority, (CMA) | Financial Policy Committee, (FPC) | HM Treasury (HMT) | HMRC | BoE
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Competition and Markets Authority objective is __ 2 Lernen beginnen
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is to ensure that consumers get a good deal when buying goods and services | and businesses operate within the law.
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Competition and Markets Authority Lernen beginnen
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Mergers investigating. | Market studies conducting. | Investinating prohibitions against anti-competitive agreements. | Cartel offence proceedings. | Consumer protection legislation enforcing.
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Outcomes that the CMA is looking 3 Competition and Markets Authority Lernen beginnen
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People getting fair deals. | Competitive market. | UK economy can grow.
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The government department responsible for the collection of tax, | and the guidance notes on HM Treasury’s rules for ISAs.
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Since 2009, Bank of England has had a statutory objective to Lernen beginnen
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‘contribute to protecting and enhancing the stability of the financial systems of the UK’ From April 2013, the BoE took on further responsibilities that saw the creation of an independent Financial Policy Committee (FPC) at the BoE.
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Financial Policy Committee is charged with ___? Lernen beginnen
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identifying and reduce systemic risks with a view to protecting the resilience of the UK financial system The FPC meets at least four times a year.
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FPC is responsible for Financial Stability Report for the BoE’s __ Financial Stability Report. Financial Policy Committee Lernen beginnen
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biannual Financial Stability Report (FSR). which covers the stability and resilience of the financial sector.
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BoE Lernen beginnen
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Monetary Stability, | Financial Stability.
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Monetary Stability two main criteria: Lernen beginnen
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Stable prices, | confidence in the currency. Bank’s Monetary Policy Committee meets eight times a year (roughly every 6 weeks).
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Financial Stability. BoE’s surveillance functions detect __? Lernen beginnen
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threats to the financial system. In exceptional circumstances, the BoE may act as the lender of last resort by extending credit to banks.
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BoE works together with other institutions, including: 3 Lernen beginnen
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HM Treasury, | Goverment, | Other central banks.
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The government department responsible for implementing the government’s financial and economic policies. It's responsible for financial services regulation in the UK.
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Regulates work-based pension schemes | and encourage high standards in the running of pension schemes.
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Who appoints the CEO & chair of FCA? sometimes referred to as the Treasury, Lernen beginnen
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The Chancellor of the Exchequer head of HM Treasury often abbreviated to chancellor
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Which body protects the UK’s workplace pensions? Lernen beginnen
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The Pensions Regulator (TPR)
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Two primary occupational pension schemes: 2 Lernen beginnen
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contributory | non-contributory where part of an employee’s salary is added to the employer’s contribution, | where employers solely make the payments.
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Pension scheme can be set up as 2 Both contributory and non-contributory Lernen beginnen
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Defined contribution (DC) schemes. |Defined benefit (DB) scheme. where a set amount of payment is made to the scheme, | where scheme members are guaranteed to receive x% amount of the final salary.
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The main aim of the Pensions Act 2008 was to introduce... Lernen beginnen
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‘automatic enrolment’ for workplace pensions, TPR can take enforcement actions if an employer does not comply with its legal responsibilities.
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Following Brexit, the UK government introduced legislation that converted existing direct EU legislation into __? Lernen beginnen
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The European Union (Withdrawal) Act 2018 gave the government powers to amend current legislation.
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