different bodies that help with regulation
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27 Terms
what does CMA stand for
Competition and Markets Authority
what does CMA do
promotes competiton
collaborates with FCA
what does ICO stand for
Information Commissioner’s Office
what does the ICO do
data protection
what does TPR stand for
The Pensions Regulator
what does TPR do
protect pensions:
member benefits
minimal impact on employer growth
management risk of PPF compensation
ensure employer compliance with autoenrolment
what does TPO stand for
The Pensions Ombudsman
what does TPO do
handles pension complaints + disputes
which acts do the TPR and TPO act under
Pensions Acts 2004 2008 & 2014
what does PPF stand for
Pension Protection Fund
what does PPF do
steps in when an employer can’t pay pensions (usually due to insolvency)
how is PPF funded
assets recovered from insolvent employers
investment returns
fees paid by pension schemes
what does FPC stand for
Financial Policy Committee
what does the FPC do
stability of UK financial system
who is the FPC part of
BoE
what does HMRC stand for
HM Revenue & Custms
what does HMRC do
tax
shares intelligence with FCA and PRA
what does BoE stand for
Bank of England
what does BoE do
central bank:
financial stability (mitigate system-wide risks)
monetary stability (interest rates)
who does BoE work with
HMT
other central banks
what is the Tax and Chancery Chamber
one of the 4 chambers of the Upper Tribunal
what does the Tax and Chancery Chamber do
handles appeals against FCA, PRA + TPR decisions
publishes rationale around regulatory penalties for transparency
what is the Takeover Panel
independent regulator for takeovers —> enforces City Code on takeovers + mergers
who does the Takeover Panel replace
the EU Takeover Bids Directive
what does PSR stand for
Payment Systems Regulator
what does the PSR do
regulates payment system operators, providers + infrastructure firms
who is PSR gonna be part of
has always been a subsidiary of FCA
march 2025: announcement that it will be abolished and folded into the FCA (hasn’t yet happened)