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In addition to the FCA and the PRA, there are other bodies: 5 start learning
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Competition and Markets Authority, (CMA) | Financial Policy Committee, (FPC) | HM Treasury (HMT) | HMRC | BoE
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Competition and Markets Authority objective is __ 2 start learning
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is to ensure that consumers get a good deal when buying goods and services | and businesses operate within the law.
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Competition and Markets Authority start learning
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Mergers investigating. | Market studies conducting. | Investinating prohibitions against anti-competitive agreements. | Cartel offence proceedings. | Consumer protection legislation enforcing.
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Outcomes that the CMA is looking 3 Competition and Markets Authority start learning
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People getting fair deals. | Competitive market. | UK economy can grow.
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2 start learning
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The government department responsible for the collection of tax, | and the guidance notes on HM Treasury’s rules for ISAs.
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Since 2009, Bank of England has had a statutory objective to start learning
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‘contribute to protecting and enhancing the stability of the financial systems of the UK’ From April 2013, the BoE took on further responsibilities that saw the creation of an independent Financial Policy Committee (FPC) at the BoE.
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Financial Policy Committee is charged with ___? start learning
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identifying and reduce systemic risks with a view to protecting the resilience of the UK financial system The FPC meets at least four times a year.
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FPC is responsible for Financial Stability Report for the BoE’s __ Financial Stability Report. Financial Policy Committee start learning
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biannual Financial Stability Report (FSR). which covers the stability and resilience of the financial sector.
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BoE start learning
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Monetary Stability, | Financial Stability.
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Monetary Stability two main criteria: start learning
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Stable prices, | confidence in the currency. Bank’s Monetary Policy Committee meets eight times a year (roughly every 6 weeks).
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Financial Stability. BoE’s surveillance functions detect __? start learning
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threats to the financial system. In exceptional circumstances, the BoE may act as the lender of last resort by extending credit to banks.
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BoE works together with other institutions, including: 3 start learning
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HM Treasury, | Goverment, | Other central banks.
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start learning
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The government department responsible for implementing the government’s financial and economic policies. It's responsible for financial services regulation in the UK.
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2 start learning
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Regulates work-based pension schemes | and encourage high standards in the running of pension schemes.
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Who appoints the CEO & chair of FCA? sometimes referred to as the Treasury, start learning
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The Chancellor of the Exchequer head of HM Treasury often abbreviated to chancellor
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Which body protects the UK’s workplace pensions? start learning
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The Pensions Regulator (TPR)
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Two primary occupational pension schemes: 2 start learning
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contributory | non-contributory where part of an employee’s salary is added to the employer’s contribution, | where employers solely make the payments.
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Pension scheme can be set up as 2 Both contributory and non-contributory start learning
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Defined contribution (DC) schemes. |Defined benefit (DB) scheme. where a set amount of payment is made to the scheme, | where scheme members are guaranteed to receive x% amount of the final salary.
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The main aim of the Pensions Act 2008 was to introduce... start learning
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‘automatic enrolment’ for workplace pensions, TPR can take enforcement actions if an employer does not comply with its legal responsibilities.
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Following Brexit, the UK government introduced legislation that converted existing direct EU legislation into __? start learning
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The European Union (Withdrawal) Act 2018 gave the government powers to amend current legislation.
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