Regulatory Objectives of the Authority
(1) protection of customer
Financial Services Authority must provide appropriate curity for consumers, the level of protection to different investors and different levels of protection. According to different consumers experience and experti of different, the organization provides counling and accurate information to customers in need of different accounts given different levels of risk strategy.
(2) reduction of financial crime
Responsible for supervising banks, insurance and investment business, including curities and futures. Bank of England (BOE) under the Ministry of Finance with, FSA is responsible for financial rvices management, and BOE main task to maintain financial stability.
this requires that the financial rvices authority reduces the possibility of a business being ud for a purpo connected with financial crime, taking into account;
1 the awareness of any regulated persons of the risk of their business being for financial crime, and 对他们的经营风险的金融犯罪被任何受规管人士的认识，并
2 subject to the regulated persons taking appropriate measures ro prevent, detect and monitor any financial crime taking place.受这些规管人士采取适当的措施去预防，检测和监控任何金融犯罪的发生。
The Act defines regulated activities
1. Arranging
This applies to making, or offering or agreeing to make:
● Arrangements with a view to another person buying, lling, subscribing for, or underwriting a particular investment, or
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● Arrangements with a view to a person who participates in the arrangement buying, lling, subscribing for or underwriting investments.
2. Deposit Taking
Accepting deposits
3. Managing Investment
Managing, or offering or agreeing to manage, other people动员大会主持稿’s asts if they consist of, or include, investments or may include investments, e.g. portfolio management activities undertaken by banks.
4. Investment Advice
Giving, offering, or agreeing to give, to investors or potential investors, investment advice on the merits of buying, lling, subscribing for or underwriting investments or exercising rights to any disposal, underwriting or conversion
A distinction must be drawn between investment advice and information.
5. Establishing Collective Investment Schemes
Establishing, operating, winding up or acting as trustee for any authorized unit trust scheme.
E教研员工作总结xempt Activities
● Dealing for your own account in curities
● Operating an employee share scheme
● Acting as a trustee
Principles for business
1. Integrity
A firm must conduct its business with integrity
2. Skill Care and Diligence
A firm must conduct its business with due skill, care and diligence.
3. Financial Prudence
A firm must maintain adequate financial心理矫正 resources熊出没图片大全
4. Market Conduct
A firm must obrve proper standards of market conduct.
5. Customers’ Interests
A firm must pay due regard to the interests of its 张筱雨颠customers and treat them fairly.
6. Conflicts of Interest
A firm must manage conflicts of interest fairly, both between itlf and its asts and between a customer and another client.
7. Clients Asts
A firm must arrange adequate protection for clients; asts when it is responsible for th
em.
● Must communicate information to consumers in ways that are clear and not misleading
蒜蓉辣椒● Applies to advertising, literature and verbal statements
● Products and rvices given on behalf of the firm by employees
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Chine Walls
Chine Walls refer to internal procedures within a firm that are ud to ensure that information is controlled within the firm to guard against misu or conflict of interest
For example, suppo that a firm is both a broker and a market maker. To ensure that the two functions are kept distinct and that one may not benefit as a result of obtaining information unfairly from the other, Chine Walls may be put in place.
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This can be achieved by keeping the two functions on parate premis
Suitability Letter
The suitability letter must contain the following:
● An explanation of why the provider considers that the transaction is suitable for the customer’s needs bad on their personal and financial circumstances
● A summary of the main conquences of completing the transaction and any disadvantages that might result from completion
● Where a personal pension plan or FSAVC has been recommended, why this is more suitable than a Stakeholder Pension Scheme
● Why an FSAVC is at least as suitable as AVCs
