D: Other Regulators

Mark Varela
Mind Map by , created over 5 years ago

CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C4: The Regulation of Financial Services) Mind Map on D: Other Regulators, created by Mark Varela on 03/31/2014.

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Mark Varela
Created by Mark Varela over 5 years ago
A: UK's Financial Services Regulatory Landscape
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H: Types of Trust
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B: FCA Objectives
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A2: Financial Services Act 2012
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C3: Enforcement in civil & criminal courts
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G: Laws of succession
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D1A-D2: Compliance monitoring
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E: Additional Oversight
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D: Other Regulators
1 Office of Fair Trading

Annotations:

  • - enforce competition & consumer protection rules - study how markets are working - improve awareness & understanding of good market practice - license businesses that offer goods or services on credit, lend money, or involved in activities relating to credit or hire under Consumer Credit Act (CCA) - can refuse or revoke a license if decides trader is not fit - maintain Consumer Credit Public Register
2 Competition Commission

Annotations:

  • - work with HM Treasury & FCA to ensure competition between UK companies is fair for the benefit of business - three issues of concern are in mergers, in markets, in regulated sectors - can require mergers to stop from going ahead, require a firm to sell off part of its business, or require them to behave in a way that safeguards competition - replaced Monopolies & Mergers Commission in 1999 following Competition Act 1998
3 The Pensions Regulator

Annotations:

  • - took over from OPRA 6th April 2005 - protect benefits of work-based pension schemes - promote good admin - reduce risk of situations which may lead to compensation payable from Pension Protection Fund - maximise employer compliance with employer duties - can prohibit a person from being a trustee, suspend, appoint, fine any individual (£5k) or company (£50k) for breach of law, wind-up a scheme - can obtain court injunction to prevent any misuse of assets of occupational pension scheme
4 Information Commissioner's Office

Annotations:

  • - UK independent body set up to maintain information rights in the public interest, promoting openness by public bodies and data privacy for individuals - oversee the working of the Data Protection Act - oversee Privacy & Electronic Communications Regulation, Freedom of Information Act 2000, Environmental Information Regulations

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