Understanding Financial Regulation and Its Importance in Today's Industry
Learn about the key regulatory bodies, the role of the FCA in consumer protection, and how regulations ensure good outcomes for consumers in the financial services industry. Explore the background, regulatory family, regulators' responsibilities, and the FCA rule book for a comprehensive overview.
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Presentation Transcript
IMLA Expo Regulation why it matters Robert Sinclair, Chief Executive November 2023
AMI Thetradebody for the profession Non-commercial, not-for-profit trade body, launched in 2003 Represent member firms interests Work with UK Finance, BSA, IMLA, ERC, FLA, ABI, PDG Liaise with FCA, FOS, FSCS, Moneyhelper as well as Treasury, DLUHC and the Department for Energy Security and Net Zero Our objective is to play a critical but constructive role within the regulation process Encourage all firms to join Greater the membership = the LOUDER our voice
Todays session By the end of the session, delegates will: Be aware of the important role of the key regulatory bodies. Understand how the FCA as the core conduct regulator sets frameworks to protect consumers. Have considered how regulation and supervision ensures firms and advisers deliver good outcomes for consumers.
The Backdrop Financial Services and Markets Act Systemic Bad Industry Behaviour The Global Financial Crisis Lender Controls
The regulatory family Government Treasury and Bank of England PRA and FCA FOS and FSCS MaPS
The regulators Chancellor and the Treasury Set Tax and Investment framework Do not want to regulate BTL but PRS needs controls Build more homes and fund more mortgages Grow competition to BIG banks B of E, FPC and MPC Control inflationary growth base rate Prevent bubbles Use macro tools LTI, LTV caps but limited impact
The regulators PRA Ensure adequate capital Robust liquidity and recovery plans Is today s innovation tomorrow s bad debt? Rigorous Supervision FCA Control everything apply conduct principles Limited capacity to look at 50,000 firms Wrap consumers in cotton wool Data and outliers
The FCA Rule Book PRIN:SYSC:APER:FIT:GEN:FEES PRU COBS:MCOB:ICOB:CONC DISP:COMP
Senior Manager & Certification Regime In place since 9 December 2019 All firms - Limited, Core and Enhanced SM Regime Supercedes APER for employees Culture Directory
Senior Managers & Certification Regime Senior Management Functions Duty of responsibility Certification Functions Other individuals Statement of responsibilities Prescribed responsibilities Senior Manager conduct rules Fit & proper requirements Individual conduct rules
Consumer Duty have you thought about? Nisha Arora speech last month Dear CEO Letters Action on Savings, Insurer service Writing it all down Customers with vulnerable characteristics Lifetime and Seconds Fair Value Broker Fees
The Way Ahead Need for advice AI and technology Need for speed Conveyancing Opportunity Be expert Be flexible
Thank you for listening www.a-m-i.org.uk LinkedIn: The Association of Mortgage Intermediaries Twitter: @Official_AMI
