In the context of the financial regulation in the UK, discuss the key issues relating to international context for financial regulation (I want to discuss about the international regulators, i.e. who are they or who the different regulators are? How do they affect the UK financial services? And also key points to discuss about this topic International regulators, brief written Answers + Helpful links
It's not like an essay. I just want quite long answers about interested topics for those subject i.e. international regulators, Who are they? How do they affect the UK?
The different financial regulators in the UK are the The Financial Conduct Authority (FCA) and The Prudential Regulation Authority (PRA). The FCA oversees the financial services industry in the UK. The focus of the FCA is to protect the financial services industry, protect consumers and to ensure a healthy atmosphere of competition amongst those in the financial services industry. The PRA is part of the Bank of England and controls prudential regulation such as supervising banks, building societies, insurance companies, credit card companies, as well as major investment firms.
For more information concerning both the FCA and the PRA, please see:
http://www.fsa.gov.uk/
For more information concerning the FCA, please see:
https://www.fca.org.uk/firms/gabriel
The FCA regulates the data it receives from financial firms through an online portal called Gabriel. The primary users of this online portal are financial firms to check on their financial reports.
https://www.fca.org.uk/firms/connect
Replacing the ONA system is Connect. This service gives information of variation of permission, standing data, passporting, part 4A permission (dual regulated firms still have to use the paper forms), payment institutions for authorisation, registration and cancellation, consumer buy-to-let registration for financial firms, tracks suspicious transaction and order reports (STORs), is accessible by appointed representatives in a financial firm and is also accessible to approved persons.
https://register.fca.org.uk/
The Financials Services Register that shows the details of financial firms, individuals and other bodies that have been regulated by the FCA and/or the PRA. This public register is a useful tool to have to ensure that the financial service that you are dealing with is an authorized and reputable organization.
https://www.fca.org.uk/about/handbook
The FCA Handbook contains all of the information regarding the laws in the United Kingdom that are related to the financial service industry.
https://www.fca.org.uk/contact
There is a live chat, telephone number in London, England and an email address for contacting the FCA for potential interviewing or further information that is not covered above.
For more information concerning the PRA, please see:
http://www.bankofengland.co.uk/pra/Pages/default.aspx
The PRA was created by the Financial Services Act of 2012 as a result of the economic downturn in prior years in the United Kingdom. The PRA supervises 1,700 banks across the United Kingdom. They legislate the use of credit cards, insurance firms, credit unions and major investment firms. The objectives of the PRA are to secure the soundness and safety of the firm it regulates. Also, another objective is to ensure that insurance policy holders are protected. A secondary objective of the PRA is to ensure that there is healthy competition within the United Kingdom amongst investment firms and in the financial industry sector.
http://www.bankofengland.co.uk/pra/Pages/solvency2/default.aspx
The link above pertains to Solvency II and the insurance provisions attached to these issues.
http://www.bankofengland.co.uk/pra/Pages/crdiv/default.aspx
The link above pertains to the Capital Requirements Directive IV. This directive is governed by the European Union and provides for prudential rules for banks, building societies and investment firms.
International Regulators
http://www.economicsonline.co.uk/Business_economics/Banking+regulation.html
The above link is the source for the information below:
Giving some background, up until 2013 there were three regulatory bodies which governed the financial industry in the United Kingdom. These regulatory bodies were Financial Services Authority, Bank of England and the Treasury. The structure has now changed and is mentioned above.
The Banking Act of 2009 protects depositors into the financial industry to ensure stable financial matters. One of the capabilities of this act is to put a bank which is floundering under public trust to safeguard the funds of the depositors in the bank.
The Turner Review which occurred in March of 2009 by the Chairman of the FSA, the Financial Services Authority, published his findings into a review of the banking crisis and proposed more coordinated international banking regulation calling for a pan-European regulator. Post 2013, the UK as well as the European Union and the United States have designed protection against risk-taking for the financial industry, particularly to protect the financial market, as well as the consumers of these markets. The European Banking Authority (EBA) tests banks periodically based on stress to ensure that the banks are stable. The Financial Policy Committee (FPC) helps to achieve the Bank of England’s financial stability standards amongst the banks of the United Kingdom. The FPC also gives directive to the PRA to ensure that everything is running smoothly.
The Competitions and Market Authority (CMA) pertains in particular to retail banking in the United Kingdom. This was a report that was published in 2016 summer/autumn. This report took a look at personal accounts for customers and banking for small businesses from the Big Four Banks (HSBC, Lloyds, Barclays and RBS). The report found that there is some promise for digital-only banks; however the older and larger banks still dominate the financial industry in the United Kingdom. This raises market issues and barriers to entry by other bankers who would want to enter into the retail banking market in the United Kingdom.