9443849
Description
Mind Map by lucy blackman, updated more than 1 year ago
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Created by lucy blackman
almost 7 years ago
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TOPIC 3 - LEGAL FACTORS 3.6
- There are other legal factors that can have an impact on
providers and consumers of financial products and services.
- These include laws relating to discrimination,
employment, health and safety and consumer
protection.
- These can affect how a company operates
for example its costs and the prices it
charges its customers for its products.
- These can affect how a company operates
for example its costs and the prices it
charges its customers for its products.
- These include laws relating to discrimination,
employment, health and safety and consumer
protection.
- UK LEGALISATION
- Companies must comply with these requirements
- Company law
- Employment
legalisation
- Tax law
- Proceeds of crime and anti-terrorism
legislation
- Accounting standards
- Company law
- When a court case
between a
customer and a
financial services
provider goes
against the
provider, other
customers who
have similar cases
are likely also to
take it to court.
- The office of fair trading and the competition
commission were closed and were divided between the
financial conduct authority and the new agency which
is the competitive and markets authority.
- the CMA are repsponsible for
- Investigating merges which could restrict competition
- Conducting market studies and investigations
where there may be competition and
consumer problems
- Investigating where there may be breaches of the UK
or EU laws
- Bringing criminal proceedings against individuals who commit
an offence
- enforcing consumer
protection
legislation
- Co-operating with sector regulators
- Considering regulatory references and
appeals
- Investigating merges which could restrict competition
- the CMA are repsponsible for
- Companies must comply with these requirements
- EUROPEAN LEGISLATION
- European union
- Directive
- Domestic legislation
- UK
- Regulations
- Regulations
- UK
- Domestic legislation
- Directive
- Regulations are directly
applicable. They become law
in the EU as soon as they
come into force.
- Directives can be seen as instructions
issues by the European commission.
- They set out what is to be
achieved and the county can
decide for itself how to do
this.
- They set out what is to be
achieved and the county can
decide for itself how to do
this.
- The European commission plans to bring
into force a large number of laws and
directives over the next few years that
will affect UK financial services
businesses that deal only with people in
the UK and also those businesses that
want to sell to customers in other
European countries.
- European union
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