E: Additional Oversight

Description

CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C4: The Regulation of Financial Services) Mind Map on E: Additional Oversight, created by Mark Varela on 31/03/2014.
Mark Varela
Mind Map by Mark Varela, updated more than 1 year ago
Mark Varela
Created by Mark Varela almost 10 years ago
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Resource summary

E: Additional Oversight
  1. Senior Management

    Annotations:

    • - FCA expects them to ensure they have appropriate procedures to prevent, identify, and address any risks to the firm and its customers
    1. Compliance Support Services

      Annotations:

      • - all firms must meet FCA principles - must have framework for assessing & covering risks to their business, meeting regulatory requirements, & checking firm continues to be compliant  
      1. Accountants

        Annotations:

        • - ensure firm appointed understands regulations relating to Capital Adequacy, financial reporting, record keeping, and client assets - FCA takes enforcement action against firms which are unable to comply with Captial Adequacy req's - FCA req's are over and above normal accounting standards & other legal req's such as the Companies Act
        1. Auditors

          Annotations:

          • - under Companies Act legislation incorporated entities are req'd to appoint a statutory auditor to perform annual external audit on firm's accounts - for financial years ending after 31/12/06 no external audit req'd if firm's accounts meet Companies Act criteria for small companies audit exemption; and they do not undertake any activity within the scope of MiFID, UCITS Directive, Banking Consolidation Directive, or the Insurance Mediation Directive and are not an e-money issuer - firms must appoint an auditor to report separately to FCA on firm's client assets if they are already req'd to appoint a statutory auditor for Companies Act purposes or if they have formal permission to hold client's assets - unincorporated entities without permission to hold client assets have no need to have annual accounts audited
          1. Trustees

            Annotations:

            • - must use utmost diligence to avoid loss - law will hold them liable for any loss caused by a breach of duty
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