Understanding the Regulators' Key Principles 7-11

Description

Mind Map on Understanding the Regulators' Key Principles 7-11, created by her5000 on 03/01/2014.
her5000
Mind Map by her5000, updated more than 1 year ago
her5000
Created by her5000 about 11 years ago
34
0

Resource summary

Understanding the Regulators' Key Principles 7-11
  1. 7. Communication with clients
    1. FSMA - only regulated firms can issue fin proms
      1. Real time
        1. Non -real time
          1. internet can become real time if include facility to answer queries
            1. must be approved before issue
              1. approver - appropriate skill & expertise
                1. records of promotions kept under review
            2. Rules/ Requirements
              1. Statutory - FSMA
                1. FCA Handbook - Financial Promotions Order
                  1. COBS
                    1. investments
                      1. not make unfair comparisons with other products
                        1. all claims must be able to be substantiated
                          1. Claims to be balanced - risk/rewards
                            1. past perf data not used to suggest future perf
                          2. ICOBS
                            1. MCOB
                            2. After sales info
                              1. COBS
                                1. ICOBS
                                  1. MCOB
                                2. Penalties
                                  1. FCA new power to pull marketing
                                    1. AXA Sun Life
                                      1. Ancient Order of Foresters Friendly Society
                                        1. Mortgageland Limited
                                          1. City Gate Money Managers Ltd
                                            1. Santander
                                              1. Swinton Insurance Group
                                                1. State Street Bank Europe Limited
                                              2. 8. Conflict of Interets
                                                1. scenarios
                                                  1. firm and its clients
                                                    1. employee of firm and its clients
                                                      1. competing clients
                                                      2. FSA areas of concern
                                                        1. soft commissions & bundling in fund mgmt sector
                                                          1. investment analysis & research
                                                            1. inducements to secure distribution in retail mkt as result of depolarisation
                                                              1. unfair inducements & conflicts in non-investment insurance sector
                                                                1. remuneration practices
                                                                2. Sys & Ctrls
                                                                  1. policy on acceptance of gifts/corporate hospitality
                                                                    1. Policy on personal account dealing
                                                                      1. Rqmt to disclose relationships/material interests that may give rise to conflict
                                                                      2. Mitigations
                                                                        1. disclosure
                                                                          1. Policy of independence
                                                                            1. Information barriers
                                                                              1. decline to act for 1 party
                                                                              2. Rules
                                                                                1. COBS
                                                                                  1. SYSC
                                                                                    1. formal conflicts policy
                                                                                    2. 2005 - FSA Dear CEO letter
                                                                                      1. Snr mgmt responsibility
                                                                                    3. Penalties
                                                                                      1. Martin Currie Investment Management Limited
                                                                                    4. 9. Customer Relationships of Trust
                                                                                      1. appropriate advice
                                                                                        1. demands & needs
                                                                                          1. mis-selling
                                                                                            1. Retail Distribution Review
                                                                                          2. Rules
                                                                                            1. suitability of advice
                                                                                              1. client classification
                                                                                                1. KYC procedures
                                                                                              2. Penalties
                                                                                                1. HFC Bank
                                                                                                  1. Thinc Group
                                                                                                    1. Alliance & Leicester
                                                                                                      1. Sesame Limited
                                                                                                    2. 10. Protecting Clients' Assets
                                                                                                      1. Rules / Standards
                                                                                                        1. CASS - Client Assets Sourcebook
                                                                                                          1. custody arrangements
                                                                                                            1. safeguarded. segregated, registered
                                                                                                            2. treatment of client money
                                                                                                              1. firms can't use
                                                                                                              2. Insurers & banks exempt from CASS
                                                                                                                1. differing levels of protection depending on customer status
                                                                                                              3. Penalties
                                                                                                                1. authorisation cancelled
                                                                                                                  1. Walsall Bridge Insurance Consultants Limited
                                                                                                                    1. ICM Group Ltd
                                                                                                                    2. directors disciplined - fines, public censure, prohibitions
                                                                                                                      1. Jon Uglow Batchelor & Ian Paul Ruff - ICM Directors
                                                                                                                        1. JP Morgan Securities
                                                                                                                          1. Aberdeen Asset Managers Limited
                                                                                                                      2. 11. Relationships with the Regulators
                                                                                                                        1. responsibility for managing regulator relationship sit with snr mgmt
                                                                                                                          1. Person must be able to withstand other snr mgmt challenge
                                                                                                                          2. Consequences of not reporting
                                                                                                                            1. more lenient if report yourself
                                                                                                                            2. Reporting
                                                                                                                              1. Go with a plan for remediation
                                                                                                                                1. timetable for contacting customers
                                                                                                                                  1. public announcement
                                                                                                                                    1. reissuing info to correct an error
                                                                                                                                  2. Principle of openness applies to all regulators
                                                                                                                                    1. Domestic
                                                                                                                                      1. Competition commission
                                                                                                                                        1. Inland Revenue
                                                                                                                                          1. OFT
                                                                                                                                          2. Overseas
                                                                                                                                            1. FINMA
                                                                                                                                          3. Rules/ Standards
                                                                                                                                            1. Whistleblowing procedures
                                                                                                                                              1. internally or to external regulator
                                                                                                                                                1. Good Faith - Public Interest Disclosure Act 1998 (PIDA)
                                                                                                                                              2. Penalties
                                                                                                                                                1. JPMorgan Chase Bank N.A
                                                                                                                                                  1. The Prudential Assurance Company Limited
                                                                                                                                                    1. W Deb MVL PLC
                                                                                                                                                      1. Christopher Goekjian
                                                                                                                                                    Show full summary Hide full summary

                                                                                                                                                    Similar

                                                                                                                                                    IMAGS Employment Examination for Applicants
                                                                                                                                                    mike_101290
                                                                                                                                                    English Language Techniques
                                                                                                                                                    Zakiya Tabassum
                                                                                                                                                    OCR Physics P2 revision cards
                                                                                                                                                    Alex Howard
                                                                                                                                                    Year 11 Psychology - Intro to Psychology and Research Methods
                                                                                                                                                    stephanie-vee
                                                                                                                                                    Language techniques: Macbeth
                                                                                                                                                    arnya_lewis
                                                                                                                                                    A Level Chemistry Unit 1 - Organic Chemistry
                                                                                                                                                    charlottehyde
                                                                                                                                                    | GCSE Busniness Studies | AQA | Key Terms | "Starting A Business" |
                                                                                                                                                    Spuddylicious
                                                                                                                                                    Structure of the League of Nations
                                                                                                                                                    saskiamitchell.19
                                                                                                                                                    Stave One - A Christmas Carol
                                                                                                                                                    hannahshields58
                                                                                                                                                    Cloud Data Integration Specialist Certification
                                                                                                                                                    James McLean