Topic 7 - Development of regulations
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13 Terms
What are the 3 reasons for regulation?
Sustaining systemic stability, protecting consumers, maintain safety of firms.
What happened in 2001?
FSA took over regulation (FSMA 2000).
What happened in 2012?
Twin peaks model which meant regulation was split into PRA and FCA under BoE.
What happened in 2018?
The aim was to retain EU law for when Brexit happened.
What happened in 2021?
The act which kept EU laws and brought new ones for the UK.
What happened in 2023?
New requirements are put into the FCA handbook and legislation is updated for UK specifically.
What is the main purpose for FSMA 2000?
To ensure only authorised people can do certain activities and investments.
What was the main purpose for The Bank of England and Financial Services Act 2016?
The PRA moved into the Bank of England under the PRC.
What is HM Treasury responsible for?
Financial services policies in the UK, oversees the whole financial system.
Who is the FCA accountable to?
HM Treasury.
What are the 2 recommendations the FPC can make to the PRA/FCA?
Counter-cyclical buffer (Meaning they keep extra money in case)
Sectoral capital requirements (Meaning capital requirements can be changed)
How long does the pensions regulator have to respond to complaints?
4 months.
When did mortgages become a regulated activity?
October 2004