A2: Financial Services Act 2012 - created from Mind Map

Financial Conduct Authority Financial Ombudsman Service Money Advice Service Financial Services Compensation Scheme

Bank of England Financial Policy Committee Prudential Regulatory Authority

HM Treasury

Standing Committee on Financial Stability

- within the Bank of England - responsible for watching emerging risks to the financial system as a whole - strategic direction for the entire regulatory regime - responsible for Financial Stability Report

- within the Bank of England - responsible for stability and resolvability of systemically important financial institutions - will not seek to prevent firm failures but seeks too ensure firms can fail without bringing down the entire financial system

- independent regulator - responsible for conduct of business and market issues for all firms and prudential regulation of small firms - power to ban products where necessary

- UK's central banks - promote & maintain stable & efficient monetary & financial framework - responsible for settling of payments, functioning of UK market, & providing routine & emergency liquidity to banking system - Core Purpose 1 is monetary stability   - stable prices (inflation target)   - confidence in the currency - Core Purpose 2 is financial stability   - detecting & reducing threats to financial       system

- put into effect UK Govt's financial & economic policy - aim to raise rate of suainable growth & create economic and employment opportunities for all - work on financial contingencies

- comprised of senior representatives from Bank of England, HM Treasury, & FCA

Financial Conduct AuthorityOperational Objectives consumer protection integrity of UK financial system competition

Regulatory Principles efficiency & economy proportionality consumer responsiblities responsibility of senior management openness & disclosure transparency

Financial Services Act 2012

Annotations

Notes