Participants within financial services

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11 Terms

1
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Who is the PRA accountable to?

BOE

2
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Who is the FCA accountable to?

HM Treasury

3
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How often do the FPC meet, and what so they seek?

  • Quarterly

  • Seek stability

  • Can issue commands to FCA and PRA - powers of intervention

4
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Who is FPC accountable to?

BOE

5
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What regulatory bodies does the FCA oversee?

  • FOS

  • FSCS

  • RDC

  • UKLA

6
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ESMA objectives

  • Investor protection

  • Orderly markets

  • Financial stability

7
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How does ESMA achieve its objectives?

  • Promoting supervisory convergence

  • Assessing risks

  • Creating a single rulebook

  • Directly supervising entities - eg credit rating agencies

8
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Harmonisation: Objectives of the FSAP?

  • Create a single EU wholesale market

  • Open and secure retail markets

  • State of the art prudential rules and structures

9
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PRA objective

To promote the safety and soundness of PRA firms

10
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Methods of dual-regulated approval?

Apply to the PRA.

Consent: FCA can refuse application, PRA has to also refuse

Consult: FCA consults with PRA, but PRA decides

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Penalties of breaching GDPR?

4% of annual turnover or 20m EUR - which is greater