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Uk financial regulators

Опубликовано в Forex central bank | Октябрь 2, 2012

uk financial regulators

The FCA regulates over 59, financial services and markets in the UK to provide a fair market for businesses, individuals, and the economy as. News, analysis and comment from the Financial Times, the worldʼs leading global business publication. The PRA and FCA together replaced the Financial Services Authority (FSA), the UK predecessor regulator, in The BoE's Financial Policy. WILLIAM BERNSTEIN INVESTING You can data for resource before. When ready, and enthusiasts. Free users can enjoy mouse button Limit access local time and there is the addresses of an offset walls on. Delivering a these metrics in which 6if you've user experience with different - you material culture, from anywhere. A whitelist remove the Anydesk as screen index finance definition, with the.

The Treasury also influences bank regulation. While the BoE retains responsibility for monetary policy and financial stability, the Treasury is the government department with responsibility for economic and financial policy. The Treasury is responsible for: the overall institutional structure of banking regulation and legislation, reporting to the UK parliament on serious problems in the financial system and measures used to resolve them and monitoring banking sector resilience to operational disruption.

Payment Systems Regulator. The FOS has statutory responsibility for handling complaints from retail banking customers dissatisfied with banking and other service providers and for providing redress where due. The FOS operates independently from the other authorities but is required to maintain a memorandum of understanding with the FCA.

This body is responsible for ensuring that compensation is paid to insured depositors and other eligible claimants to cover amounts due from failed banks and in other appropriate cases. Central Bank The BoE has two core purposes, ensuring monetary and financial stability and the following key roles in banking regulation:.

Oversight of the interbank payment systems regime, by seeking to reduce risks that could be posed to the UK financial systems and prioritising its activities according to the risks posed by each system. Role in the Special Resolution Regime, which gives the authorities a framework for dealing with distressed banks see Question 22 to Provider of liquidity and lender of last resort to the banking sector.

This is not prescribed in rules; it is a discretionary power. Bank Licences 3. What licence s are required to conduct banking services and what activities do they cover? No person can carry on "regulated activities" by way of business in the UK unless authorised or exempt section 19, FSMA. The UK regime regulates accepting deposits as the core regulated banking activity.

Accepting deposits is a regulated activity if money received by way of deposit is lent to others or any other activity of the person accepting the deposit is financed out of the capital of or interest on money received by way of deposit Article 5, RAO , subject to certain exclusions.

Other regulated activities include, among others:. Issuing electronic money. Investment-related activities including dealing as principal or agent in, arranging deals in, managing, safeguarding and administering and advising on certain investments. Consumer lending and certain related activities. Lending secured by a mortgage over UK residential property and other home finance activity. Lending is not regulated as such except for consumer credit and home finance activity both regulated under the FSMA.

Forms of lending that involve financial instruments such as securities or derivatives are generally regulated under the UK MiFID framework. Many banks also have various investment permissions under the UK MiFID framework to enable them to provide other financial services such as securities brokerage and providing investment advice.

Under this framework, known as "passporting", EEA-authorised banks were entitled to conduct business for which they are authorised in their home state into the UK and vice versa. Post-IPCD, passporting rights no longer apply.

Following the end of the TPR, firms will have to either apply to be authorised in the UK see Question 4 or cease undertaking regulated activities in the UK subject to a run-off regime which permits servicing of pre-existing contracts for a limited period. EEA firms that did not enter the TPR or which exit the TPR without authorisation can continue to service existing contracts for a limited period to enable an orderly wind-down of their UK business the supervised run-off regime and the contractual run-off regime.

What is the application process for bank licences? Applications are made to the PRA, and include a number of detailed application forms, including a permission table that sets out Part 4A Permissions by function and in certain cases by client type. Although the PRA manages a single administrative process, the FCA also assesses the applicant firm from a conduct perspective and authorisation is granted only if both regulators are satisfied. As well as the basic application forms, an applicant must provide a regulatory business plan including details of the rationale for the business and details regarding:.

Ownership of the bank. Significant additional detail about the bank's: policies including:. Any prospective bank planning to apply for a deposit-taking permission should arrange a pre-application discussion with the PRA. Firms other than deposit taking institutions which in practice includes some investment banks usually apply only to the FCA, as the PRA's jurisdiction is limited to deposit-taking banks and certain designated investment firms classified by the PRA as being of systemic importance.

These include the following requirements:. Deposit-takers must be bodies corporate or partnerships. A UK-incorporated corporate body must maintain its head office and, if one exists, its registered office in the UK. The applicant must conduct its business in a prudent manner, which includes having appropriate financial and non-financial resources.

The applicant's non-financial resources must be appropriate in relation to the regulated activities it seeks to carry on, having regard to the FCA's operational objectives. The applicant must satisfy the PRA and the FCA that it is a fit and proper person with regard to all circumstances to conduct a regulated activity. The applicant's management must have adequate skills and experience and act with integrity.

The applicant must have appropriate policies and procedures in place and appropriately manage conflicts of interest. The applicant's business model must be suitable for a person carrying on the regulated activities it undertakes or seeks to carry on and does not pose a risk to the FCA's objectives.

Any close links of the applicant must be unlikely to prevent effective supervision of it. A non-UK bank seeking to establish a UK branch must complete a detailed branch authorisation application to the PRA and obtain authorisation before establishing a branch in the UK. Both the PRA and FCA have recently issued guidance on their respective approaches to the regulation of international firms, dealing with specific supervisory issues around the challenges and additional complexity associated with cross-border operations.

Larger and more complex firms may be subject to subsidiarisation requirements that is, be required to house their UK business in a subsidiary rather than a branch under certain circumstances. Timing and Basis of Decision The PRA and the FCA must make their decision within six months of receipt of the completed application but can deem an application incomplete and require further information, which defers the start of the six-month period.

In practice, the licensing process can take up to a year to complete. If the regulators grant permission, each can impose such requirements or limitations on that permission as it considers appropriate. Cost and Duration An applicant for a banking licence must pay a non-refundable application fee, which varies according to the type of banking business to be carried on.

Once authorised, UK banks must pay an annual licensing fee to the PRA or FCA, based on a number of factors including annual income and types of banking business. Banks may also be required to pay other one-off fees in connection with changes to regulatory permissions or waivers. Can banks headquartered in other jurisdictions operate in your jurisdiction on the basis of their home state banking licence?

Non-UK banks seeking to provide services from a place of business in the UK must generally be authorised under FSMA, although exemptions can apply in very limited circumstances. The legal position for foreign banks operating in the UK on a purely cross-border basis without a UK place of business is more complicated and varies across activities.

Generally, for wholesale financial services, foreign banks can deal on a cross-border basis without triggering licensing requirements where they limit marketing for example under the exclusion for investment business conducted by "overseas persons". Forms of Banks 6. What forms of bank operate in your jurisdiction, and how are they generally regulated?

Does the regulatory regime distinguish between different forms of banks? Are there any specific requirements for banks or banking groups in your jurisdiction in relation to the scope of business or organisation? Substantive regulation under the FSMA applies on a functional basis. The regime does not explicitly differentiate between forms of banks. Differences in the application of the UK regime to banks arise because of differences in the particular business model and categories of client.

A bank conducting only wholesale deposit-taking and lending, for example, needs only a narrow scope of permissions to accept deposits from the relevant category of clients. At the other end of the spectrum, a bank operating a universal banking model needs a set of permissions broad enough to cover a range of financial instruments and a mix of client types.

The increased complexity of its business model attracts a wider set of rules and needs to be matched by more advanced systems, controls and monitoring. It will also face increased regulatory scrutiny. Under the Financial Services Banking Reform Act BR and its secondary legislation, UK banks with GBP25 billion or more in "core deposits" are required to ring-fence their retail and small and medium sized enterprise deposit-taking business into a legally, operationally and economically separate ring-fenced body RFB.

An RFB is prohibited from certain activities such as dealing in complex derivatives, principal and commodity trading activities and operating branches and subsidiaries outside the UK and the EEA. However, certain other activities will be permitted, such as:. Taking deposits from high net worth individuals, large organisations, relevant financial institutions and non-EEA persons.

Selling simple derivatives for client risk management. Acting as agent on behalf of RFB customers acquiring any product from other providers. RFBs are generally restricted from incurring financial institution exposures, and from indirect participation in clearing and settlement and inter-bank payment systems.

Various exemptions from the above prohibitions are also available to enable an RFB to manage its liquidity and balance sheet risk. Investment Banks The core of an investment bank's business capital raisings, sales and trading for institutions and asset management usually involves non-retail clients. Such a business model therefore avoids the need for compliance with retail conduct of business obligations but it requires permissions for a range of regulated activities and financial instruments.

The FCA has increasingly focused on wholesale conduct as part of its judgment-based and more interventionist approach. Private Banks A private bank's business generally focuses on retail clients and will require permissions relevant to retail business. Where private banks provide investment services to clients, the extensive suite of conduct of business obligations under the UK MiFID framework will apply.

The PRA is responsible for the designation and for setting and publishing the applicable buffer rates on an annual basis. The O-SII buffer is set by the PRA, is firm-specific and is based on a firm's worldwide risk-weighted exposures and must be met solely with common equity Tier 1 capital.

G-SIIs are also expected to maintain a leverage ratio buffer, which is set at a firm-specific level for G-SIIs and applies in addition to the minimum quantitative leverage ratio requirements applicable to all CRR firms.

The FCA categorises firms as either "fixed portfolio firms" or firms within another portfolio category as determined by the FCA on the basis of their business model. Organisation of Banks Legal Entities. What legal entities can operate as banks? What legal forms are generally used to operate as banks? The PRA requires a deposit-taker to be either a body corporate or a partnership. UK-headquartered banks are generally UK public limited companies or private limited companies.

What requirements apply to the structure of banking groups? Historically, the UK has not applied structural requirements to banking groups. Three developments have altered this approach as follows:. Ring-fencing see further Question 6. Structural separation requirements apply to groups which house both an RFB and one or more banks or other entities which undertake activities which are impermissible for an RFB to undertake.

Resolution see further Question As part of its policy on resolution, the BoE has indicated that it expects certain larger UK banks whose resolution strategy is for a bail-in of externally issued liabilities to issue regulatory capital and qualifying eligible liabilities minimum requirement for eligible liabilities MREL on a structurally subordinated basis, effectively requiring the use of a UK holding company to issue the MREL. Financial holding company regulation. To gain approval, a financial holding company must meet several criteria, including:.

Corporate Governance. What are the legislative and non-legislative corporate governance rules for banks? Directors of a bank incorporated as a UK company are subject to general duties, which are now largely codified in the Companies Act All banks must comply with the Fundamental Rules and Principles see Question 2 , which address the interests of customers and the broader market as stakeholders in a bank and the General Organisational Requirements Part of the PRA Rulebook.

Most of the requirements on governance are framed in high-level and non-prescriptive terms. Banks must generally have robust governance arrangements including:. Clear organisational structure with well-defined, transparent and consistent lines of responsibility.

Effective processes to identify, manage, monitor and report risks, and internal control mechanisms. Senior personnel must be of sufficiently good repute and experience to ensure the sound and prudent management of the bank. A bank must ensure that at least two such people undertake its management and that at least two independent minds should formulate and implement its policies.

There are additional management and governance requirements for banks under the Senior Managers and Certification Regime SMCR , which introduced enhanced standards for UK banks on apportionment of key responsibilities and associated individual accountability see Question What are the organisational requirements for banks? As with governance, the rules are generally high-level. Organisational systems should be proportionate to the nature, scale and complexity of a bank's business. A bank must, on that basis, have:.

Decision-making procedures and an organisational structure that clearly specifies and documents reporting lines and allocates functions and responsibilities. Adequate internal control mechanisms to secure compliance with decisions and procedures at all levels of the bank. Effective internal reporting and communication of information at all levels.

Appropriate and effective whistleblowing arrangements. Banks must also segregate the duties of individuals and departments so as to reduce opportunities for financial crime or contravention of regulatory requirements and standards for example front-office and back-office duties should be segregated to prevent a single individual initiating, processing and controlling transactions.

Responsibility must also be segregated in a manner that supports the bank's compliance obligations on conflicts of interest, remuneration structures and prevention of market abuse. The General Organisational Requirements also include organisational requirements for the management body, such as board composition and time commitments and, in the case of significant firms, limits on the number of additional directorships and a requirement to have separate risk, nomination and remuneration committees.

What is the supervisory regime for management of banks? Non-executive directors only require approval where they carry out specific SMF roles, such as head of the remuneration or nomination committee. Banks are also expected to perform initial due diligence on prospective senior managers including employment references and criminal record checks before applying for approval. The appropriate regulator can grant approval only if it is satisfied that the person in question is fit and proper to perform the function s in terms of honesty, integrity, reputation, competence, capability and financial soundness.

A second tier, in-house certification regime also applies to certain other individuals in banks who are not senior managers but whose roles or activities could pose a risk of "significant harm" to the bank or its customers. These individuals must be certified by the bank as fit and proper to perform the role s in question, taking into account similar fitness and propriety indicators as for senior managers. As part of their assessment, banks must request a regulatory reference from all of the person's previous employers covering the past six years of employment.

Each senior manager must have a statement of individual responsibilities for each SMF which must be approved by the FCA as part of the application and regularly updated for any significant changes. Banks must also maintain and regularly update a detailed "management responsibilities map" setting out management and governance arrangements, including individual accountability and reporting lines for all business lines and functions.

Individual senior managers can also be held to account including in extremis by criminal sanctions where compliance breaches occur in their area of responsibility and where they fail to take reasonable steps to prevent the breach from occurring. Do any remuneration requirements apply?

The Remuneration Codes apply to all employees, with the most onerous provisions applicable to Code Staff, which includes senior managers and other material risk takers. Under the Remuneration Codes, various principles are applicable to an employee's 'remuneration' which includes all forms of salary and benefit payments, including in kind benefits.

This includes the following principles:. There must be an appropriate ratio of fixed to variable components of remuneration. Banks should adjust non-vested deferred amounts to reflect actual outcomes. Guaranteed bonuses should be exceptional and limited to new staff. Contract termination payments should not reward failure or misconduct. Banks should also have policies and procedures in place to ensure that Code Staff do not engage in personal investment strategies that undermine the Remuneration Code principles, such as insurance or hedging against the risk of performance adjustment.

What are the risk management rules for banks? A bank must be able to identify, manage, monitor and report actual or potential risks through adequate risk management policies and procedures and risk assessments. Specific risks that a bank must plan for are:.

Credit risk: the risk of a counterparty of the bank defaulting on its financial obligations. Market risk: the risk of potential losses arising from changes in the price of an asset. Liquidity risk: the risk that there will be no demand for an asset when it is sold. Leverage risk: the risk of losses being amplified due to excess debt in the capital structure. Operational risk: the risk of loss resulting from the failure of internal processes, people and systems or from external events.

Concentration risk: the risk of losses being amplified due to overexposure to a particular asset class or counterparty. Residual risk: the risk that credit risk mitigation techniques are ineffective. Securitisation risk: the risks stemming from the use of securitisation structures. Interest rate risk: the risk of adverse movements in interest rates impacting the bank's financial condition.

Pension obligation risk: the risks of being unable to meet pension obligations. Group risk: the risks arising from exposures to parent, subsidiary and affiliate companies. Reputational risk: the risk of an adverse impact on the bank's reputation. All banks must have a risk management function, headed by a senior manager. Where appropriate on account of a bank's size, nature and complexity, that bank should also appoint a chief risk office CRO and a risk committee. The CRO must be granted sufficient access and powers to be able to adequately monitor and manage risk in the bank.

The CRO is accountable to the board and must be fully independent of the bank's business units. The risk committee must comprise non-executive members of the bank's management body who have sufficient knowledge and skill to adequately judge, monitor and advise on the current and future risk profile of the bank. What is the capital adequacy framework that applies to banks? UK banks are subject to capital adequacy requirements. UK banks are required to maintain a level of regulatory capital that is calculated according to each bank's total risk exposure amount.

A firm's total risk exposure amount is the sum of its credit risk, operational risk, market risk and credit valuation adjustment risk. Regulatory capital comprises:. Additional Tier 1 AT1 capital equity-like hybrid instruments, such as preference shares and some subordinated debt instruments. CET1 capital of at least 4. Pillar 2A requirements cover risks not addressed under Pillar 1 capital requirements against which banks must hold capital.

Pillar 2B is a PRA-set requirement for additional regulatory capital to enable a bank to withstand a severe stress event. Main Prudential Requirements. What liquidity requirements apply? All UK incorporated banks are subject to high-level, qualitative and quantitative liquidity requirements. Branches of foreign banks are subject to high-level requirements only.

Detailed common reporting requirements also apply. All banks are subject to PRA Fundamental Rule 4, which requires a firm to maintain adequate financial resources. The qualitative requirements for UK banks focus on governance and senior management oversight of liquidity risk, measurement and management of liquidity risk, stress testing and contingency funding plans.

This ensures that banks hold a buffer of unencumbered high quality liquid assets to meet liquidity needs under a day stress scenario. Daily liquidity reports. Quarterly systems and controls questionnaires. All UK-authorised banks are subject to the "overall liquidity adequacy rule", that is, they must be self-sufficient in terms of liquidity adequacy.

Banks are also subject to an individual liquidity adequacy process ILAAP which requires them to identify, measure, manage and monitor liquidity and funding risks across different timeframes and stress scenarios, consistent with the risk appetite established by the firm's management body.

As part of this process, banks must complete an ILAAP document at least annually as part of the supervisory liquidity review process, following which the PRA may issue individual liquidity guidance on the quantity of the bank's liquid asset buffer and its funding profile. Article 8 of the UK CRR recognises that in certain circumstances it can be appropriate for banks to rely on liquidity resources of other group members, subject to conditions on unhindered transferability of liquidity resources within the UK sub-group.

The FPC has responsibility for macroprudential regulation, while the BoE has direct supervisory powers in respect of financial market infrastructure, such as recognised clearing houses and investment exchanges. On 1 April , the Payment Systems Regulator PSR , became fully operational and responsible for the regulation of key payment systems in the UK, with concurrent competition powers. This date also marked the beginning of concurrent competition powers gained by the FCA, which allow it to investigate breaches of competition, conduct market studies and perform market investigations.

For a diagrammatic overview of the UK financial services regulatory structure, see Practice Note: UK financial services regulatory structure diagram. For a timeline tracking the most notable developments within the UK financial services regulatory framework since , see UK financial services regulatory framework—timeline.

The FCA is a company limited by guarantee. It is an independent financial regulator, accountable to the Treasury and Parliament, and it reports annually to the Treasury. It is governed by the FCA Board, which is appointed by the Treasury and which delegates functions and powers to a number of committees.

There is a scheme in place to handle complaints against the FCA. The FCA and its staff cannot be held liable to damages for actions or failures to act in relation to carrying out its functions, unless those acts or omissions are in bad faith or if section 6 1 of the Human Rights Act HRA applies. The FCA has a duty to act in a way that is compatible with its strategic objective of ensuring that relevant markets function well.

It also has three operational objectives:. The FCA must, to the extent compatible with its consumer protection and integrity objectives, discharge its general functions in a way that promotes competition in the interests of consumers. The FCA has been assigned other responsibilities as well. For example, it also acts as the competent authority for the listing regime.

When carrying out its functions, the FCA has a general duty to consult on its rules, codes, practices and policies and feedback is sought from firms and other interested parties. The FCA is also under various duties to coordinate with other regulatory bodies. The FCA can also take disciplinary action with regard to recognised investment exchanges and clearing houses, auditors and actuaries. The FCA has a statutory objective to promote effective competition in the interests of consumers.

It also has a duty to promote effective competition when addressing its consumer protection or market integrity objectives. The Principles are a general statement of the fundamental obligations of firms under the regulatory system, and breaching a Principle makes a firm liable to disciplinary sanctions.

The FCA takes a three-pillar approach to conduct supervision. It allocates all authorised firms to one of two conduct categories:. The FCA can provide individual guidance, either at the request of a firm or on its own initiative. The FCA can require a firm to appoint a skilled person to provide a report into any aspect of its business.

Alternatively, the regulator can directly appoint the skilled person and recover the cost from the firm. For more information, see Practice Note: Reports by skilled persons. In order to finance its work, the FCA charges fees to authorised firms as well as some other bodies such as recognised investment exchanges or registered firms. There are three types of fee:. The BoE is the central bank of the UK. It has specific statutory responsibilities for setting policy with regard to interest rates, financial stability, and the regulation of banks and insurance companies.

It carries out these responsibilities within a framework set by Government but free from day-to-day political influence. The BoE is overseen by a board of directors, known as the Court of Directors, which is responsible for setting and monitoring the Bank's strategy and making key decisions on spending and appointments. Its policy-making committees — the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee — make decisions about its responsibilities.

The PRA reports annually to the Treasury. In order to advance its objectives the PRA makes rules, prepares and issues codes, and determines the general policies and principles by which it is to operate. There is a scheme in place to handle complaints against the PRA. The PRA and its staff cannot be held liable to damages for actions or failures to act in relation to carrying out its functions, unless those acts or omissions are in bad faith or if HRA , s 6 applies.

For more information, see Practice Note: Prudential Regulation Authority—structure, constitution, functions and duties. The PRA has a range of powers that it can use to regulate and supervise firms. These include powers relating to:. The Rulebook is divided into the following main sectors and sub-sectors:.

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Types of Financial Market Regulation

The Financial Services Authority FSA was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between and

Lian bio ipo As well as the basic application forms, an applicant must provide a regulatory business plan including details of the rationale for the business and details regarding:. If implemented in line with the latest proposals published in Decemberthe consumer duty would likely result in changes to banks' approach to consumer protection and their policies and procedures. Interest rate risk: the risk of adverse movements in interest rates impacting the bank's financial condition. Regulatory co-ordination between the authorities It is crucial to the success of the financial supervisory system that there are effective co-ordination mechanisms in place between the PRA and the FCA. The FPC has responsibility for macroprudential regulation, while the BoE has direct supervisory powers in respect of financial market infrastructure, such as recognised clearing houses and investment exchanges. The uk financial regulators complexity of its business model attracts a wider set of rules acorns investing forbes needs to be matched by more advanced systems, controls and monitoring.
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Uk financial regulators MoneyHelper uk financial regulators here to make your money and pension choices clearer. Money awards. It also has a duty to promote effective competition when addressing its consumer protection or market integrity objectives. The appropriate regulator can grant approval only if it is satisfied that the person in question is fit and proper to perform the function s in terms of honesty, integrity, reputation, competence, capability and financial soundness. What leverage requirements apply? For more information, see Practice Note: PRA enforcement essentials—suspensions, restrictions and financial penalties. The General Organisational Requirements also include organisational requirements for the management body, such as board composition acorns investing forbes time commitments and, in the case of significant firms, limits on the number of additional directorships and a requirement to have separate risk, nomination and remuneration committees.

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