What are the FCA requirements?
The FCA requires that a firm must ensure that a communication or financial promotions is clear, fair and not misleading. Financial promotions that are not accurate, disguise important information and are not likely to be easily understood by the target group, will receive negative attention from the FCA.
What are the 11 principles of the FCA?
The FCA’s 11 principles of business
- Integrity. A firm must conduct its business with integrity.
- Skill, care and diligence.
- Management and control.
- Financial prudence.
- Market conduct.
- Customers’ interests.
- Communications with clients.
- Conflicts of interest.
What are the FCA four key objectives?
To support this primary objective, the FCA has three operational objectives: To secure an appropriate degree of protection for consumers. To protect and enhance the integrity of the UK financial system. To promote effective competition in the interests of consumers.
What are the 3 operational objectives of the FCA?
Each chapter deals with one of our three statutory operational objectives, our approach to that objective, and what this means to the financial industry and consumers: 1. Protecting consumers 2. Market integrity 3.
What is FCA compliance?
The Financial Conduct Authority (FCA) covers the conduct regulations of all financial services from investment advice, portfolio management, money services (remittance and electronically held). The FCA also now regulates consumer credit services (including information on credit scoring).
Are FCA rules law?
Section 138G of FSMA requires the FCA to make rules made by the FCA Board publicly available, in writing, by a ‘rule-making instrument’. Most other legislative provisions made by the FCA (such as general guidance and codes) are also made by instrument.
What is Principle 6 prin of the FCA rule book?
6 Customers’ A firm must pay due regard to the interests of its cus- interests tomers and treat them fairly.
What are specified activities under FCA rules?
Designated investment business
- Advising on investments.
- advising on investments (except pension transfers/opt outs)
- advising on pension transfers/opt outs.
- Advising on P2P (peer-to-peer) agreements.
- Arranging (bringing about) deals in investments.
- Making arrangements with a view to transactions in investments.
Who is responsible for compliance FCA?
(2) a compliance officer must be appointed and must be responsible for the compliance function and for any reporting as to compliance required by ■ SYSC 4.3.
What is the main purpose of the FCA compliance function?
The FCA provides guidance on steps that a firm can take to reduce the risk that it might be used to further financial crime in FC (Financial crime: a guide for firms).
Should the FCA make fact finding for advisers mandatory?
The FCA has ruled out introducing a mandatory standardised fact find for advisers. In a guidance consultation this morning, the regulator said that the length of the fact finding process can add to the cost of advice, and could discourage clients from switching advisers because they would have to go through the process again.
How do I read and print all FCA regulations?
This database contains all FCA regulations. From here, you can read and print each section. To print out all FCA regulations at once, download FCA regulations (PDF). For more information about our regulations, including the process by which we develop them, see About FCA statutes and regulations .
When does the FCA consultation on streamlined advice open and close?
The FCA’s consultation on the guidance, which also includes updates to its thinking on streamlined advice, is open until 11 July.
What is the FCA’s policy on SC4?
SC4 You must disclose appropriately any information of which the FCA would reasonably expect notice We will take disciplinary action against approved persons who: Our actions include fines, suspensions of approval, imposing restriction and issuing a public statement about the misconduct.