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The UK's financial services industry is governed by a robust regulatory system established to ensure transparency, maintain market integrity and protect consumers. The regulatory landscape comprises two key bodies, numerous legislation, and various regulations. It's crucial for professionals working in this industry to be well-versed in these regulations. In this regard, the Introduction to UK Financial Regulations and Professional Integrity certificate is a valuable resource, providing detailed insights into this field.
Here's a more comprehensive explanation:
Financial Conduct Authority (FCA): The FCA is an independent institution responsible for regulating financial companies that cater to consumers. It also aims to uphold the integrity of the UK’s financial markets. Its authority comes from the Financial Services and Markets Act 2000 (FSMA), which outlines the FCA's role in supervising financial markets, firms, and their conduct.
Prudential Regulation Authority (PRA): The PRA, which falls under the purview of the Bank of England, focuses on the prudential regulation and supervision of financial institutions. This includes banks, building societies, credit unions, insurers, and some investment firms. The primary objective of the PRA is to ensure the stability and soundness of these firms.
The UK's financial sector is regulated by several key rules and legislation, which include:
Markets in Financial Instruments Directive II (MiFID II): Originally an EU initiative, the MiFID II framework was designed to regulate financial markets within the EU, while enhancing investor protection. Post-Brexit, the UK retained many MiFID II provisions in its national law.
Senior Managers and Certification Regime (SM&CR): The SM&CR establishes a comprehensive accountability system for individuals working within the financial sector.
Payment Services Regulations (PSR): The PSR governs companies providing payment services, laying out the responsibilities and obligations of these firms.
General Data Protection Regulation (GDPR): The GDPR is a crucial legislation across all industries, and not just financial services. The UK retained GDPR post-Brexit as UK GDPR, making data protection a key aspect of regulation.
Bank Recovery and Resolution Directive (BRRD): The BRRD outlines the steps that countries can take in case of failure of banks or investment firms.
Consumer Credit Act: This legislation governs consumer credit, setting out the obligations of firms providing these services.
Anti-Money Laundering Regulations: These regulations are designed to stop businesses from becoming conduits for money laundering or financing of terrorist activities.
The regulatory landscape continues to evolve.
For professionals seeking a deep understanding of UK financial regulations, the Introduction to UK Financial Regulations and Professional Integrity certificate offers valuable knowledge.
Our Introduction to UK financial Regulations and Professional Integrity certification provide students with valuable insight into the rules and regulations surrounding financial and investment advice. The UK financial regulations and professional integrity certifications covers 140 hours of CPD hours and is accredited by the CPD certification service.
This bespoke certification programme provides CIFA students with the vital knowledge needed to give them a competitive edge in a diverse and exciting industry.
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