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592669
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.
Mind Map by
her5000
, updated more than 1 year ago
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Created by
her5000
about 11 years ago
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Resource summary
Understanding the Regulators' Key Principles 7-11
7. Communication with clients
FSMA - only regulated firms can issue fin proms
Real time
Non -real time
internet can become real time if include facility to answer queries
must be approved before issue
approver - appropriate skill & expertise
records of promotions kept under review
Rules/ Requirements
Statutory - FSMA
FCA Handbook - Financial Promotions Order
COBS
investments
not make unfair comparisons with other products
all claims must be able to be substantiated
Claims to be balanced - risk/rewards
past perf data not used to suggest future perf
ICOBS
MCOB
After sales info
COBS
ICOBS
MCOB
Penalties
FCA new power to pull marketing
AXA Sun Life
Ancient Order of Foresters Friendly Society
Mortgageland Limited
City Gate Money Managers Ltd
Santander
Swinton Insurance Group
State Street Bank Europe Limited
8. Conflict of Interets
scenarios
firm and its clients
employee of firm and its clients
competing clients
FSA areas of concern
soft commissions & bundling in fund mgmt sector
investment analysis & research
inducements to secure distribution in retail mkt as result of depolarisation
unfair inducements & conflicts in non-investment insurance sector
remuneration practices
Sys & Ctrls
policy on acceptance of gifts/corporate hospitality
Policy on personal account dealing
Rqmt to disclose relationships/material interests that may give rise to conflict
Mitigations
disclosure
Policy of independence
Information barriers
decline to act for 1 party
Rules
COBS
SYSC
formal conflicts policy
2005 - FSA Dear CEO letter
Snr mgmt responsibility
Penalties
Martin Currie Investment Management Limited
9. Customer Relationships of Trust
appropriate advice
demands & needs
mis-selling
Retail Distribution Review
Rules
suitability of advice
client classification
KYC procedures
Penalties
HFC Bank
Thinc Group
Alliance & Leicester
Sesame Limited
10. Protecting Clients' Assets
Rules / Standards
CASS - Client Assets Sourcebook
custody arrangements
safeguarded. segregated, registered
treatment of client money
firms can't use
Insurers & banks exempt from CASS
differing levels of protection depending on customer status
Penalties
authorisation cancelled
Walsall Bridge Insurance Consultants Limited
ICM Group Ltd
directors disciplined - fines, public censure, prohibitions
Jon Uglow Batchelor & Ian Paul Ruff - ICM Directors
JP Morgan Securities
Aberdeen Asset Managers Limited
11. Relationships with the Regulators
responsibility for managing regulator relationship sit with snr mgmt
Person must be able to withstand other snr mgmt challenge
Consequences of not reporting
more lenient if report yourself
Reporting
Go with a plan for remediation
timetable for contacting customers
public announcement
reissuing info to correct an error
Principle of openness applies to all regulators
Domestic
Competition commission
Inland Revenue
OFT
Overseas
FINMA
Rules/ Standards
Whistleblowing procedures
internally or to external regulator
Good Faith - Public Interest Disclosure Act 1998 (PIDA)
Penalties
JPMorgan Chase Bank N.A
The Prudential Assurance Company Limited
W Deb MVL PLC
Christopher Goekjian
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