So instead of answering a specific question this month, I want to share with you some of the reference books we use at Entrepreneur. Hopefully this will help you help yourselves. Your local library and librarian obviously can be a tremendous asset to you in your search. Most good-sized libraries have online catalogs that can make your quest easier. But before you schlep to the library, I'd suggest you look for an online source-it saves time. On the other hand, if you're a novice at researching, a helpful librarian can save you lots of time and when it comes to business, time of course, is money.
Wherever your search takes you, be sure to check out the following websites and books in your library reference section:. Rieva Lesonsky is a small-business expert and a senior vice president and editorial director at Entrepreneur Media Inc. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.
- My Sweet Lord.
- Illustrated flora of Saghalien. III. Papaveraceae - Cornaceae, 1939.
- Ciba Foundation Symposium 201 - The Origins and Consequences of Obesity.
- Functional Adaptations of Marine Organisms?
- Ebook Online Business Sourcebook 2007.
- Handbook of Nanofabrication.
- Childhood Hills.
There are strict rules that must be followed before a payment can be made. Unlike the FOS, the FSCS does itself make compensation payments, recovering the total amounts expended by means of levies on all authorised firms. There are limits to the amount of compensation that can be paid.
This limit was increased in a bid to maintain financial stability and to protect depositors. Claims in respect of compulsory insurance for example, third-party motor insurance are met in full. These limits are kept under review. The regulation of the financial services industry has recently undergone several changes resulting from shifts in the market place generally and the initiatives of the European Union, UK government and the Treasury.
There are still key regulatory changes afoot which will impact upon many firms. The former FSA had set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants. The proposals include, for the first time, provision for regulating and banning specific product charges and a requirement for lenders to assess affordability for all mortgages. CII code of ethics and conduct Guidance notes designed to help members deal with conflicts of interest.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author personal or corporate , the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies. We are a professional body dedicated to building public trust in the insurance and financial planning profession.
Select country. Charter Insurance Institute Search. News Insight Publications Press contacts. Login Sign up. The regulatory framework Factsheet. Publication date:. Last updated:. Author s :. This fact file was last updated by the author in May They were: maintaining confidence in the investment markets; maintaining financial stability introduced in ; helping to protect consumers; reducing financial crime.
UK regulatory reform In , the then new Chancellor, George Osborne, announced sweeping changes to the way financial regulation would work in the UK.
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A new approach to financial regulation The new system gives the Bank of England macro-prudential responsibility for oversight of the financial system and, through a new, operationally independent subsidiary, for day-to-day prudential supervision of financial services firms managing significant balance-sheet risk. The FCA has been given a wide range of rule-making, investigatory and enforcement powers in order to meet its three statutory objectives of: consumer protection; integrity of the UK financial system; and competition.
The FCA is also obliged to give regard to the six regulatory principles which involve awareness of: efficiency and economy; proportionality; consumer responsibilities; the responsibility of senior management; openness and disclosure; and transparency. Prudential Regulation Authority On 1 April the Prudential Regulation Authority PRA became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
Financial Policy Committee The Financial Services Act brought major reforms, aiming to establish a UK regulatory framework which is focused on the issues that matter and which is better equipped to deliver financial stability. What is regulated? Financial products for intermediaries are now effectively divided into four groups: designated investments; home finance products; non-investment insurance contracts; non-regulated products.
Designated investments These are products where the FCA has responsibility for the way the business is conducted with customers. Designated investments include, amongst other products: long-term insurance contracts e. Since 6 April , the former FSA had also regulated self-invested personal pensions. Home finance products Mortgages became regulated by the former FSA from 31 October , with respect to both prudential and conduct of business issues, but not all mortgages are included.
Non-investment insurance contracts Intermediaries dealing with non-investment insurance contracts business technically made up of "pure protection" and "general insurance" products became regulated with respect to both prudential and conduct of business issues with effect from 14 January , although insurance companies have been prudentially regulated since This category of business includes, amongst others: pure protection insurance for example, term assurance, income protection and critical illness ; motor insurance; household insurance; private medical insurance.
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Non-regulated products This category of products is not currently regulated and requires no authorisation or compliance with FCA rules. Who is regulated? The PRA authorises: product providers insurance companies, unit trust managers etc ; banks and building societies; the largest investment firms various other specialist participants in the financial services markets. The FCA authorises: independent financial advisers IFAs and other financial intermediaries; stockbrokers; home finance intermediaries; general insurance intermediaries; SIPP providers; travel firms that offer connected travel insurance; sale and rent-back firms; and various other specialist participants in the financial services markets.
Controlled functions Approved persons may hold controlled functions CFs , which are positions of responsibility in the firm; for example, senior manager or financial adviser. Criteria for approval A member of staff approved by the FCA in this manner will become an approved person. In order to gain this approval the individual must pass the fit and proper test, which assesses the following criteria: Honesty, integrity and reputation.
The FCA will base its judgment on the individuals' records in a number of areas, including criminal, civil or disciplinary proceedings, employment record and past dealings with regulators. Competence and capability. Individuals need to show they have met the FCA's requirements for training and competence and can perform their controlled functions. Some activities or controlled functions require individuals to pass an examination in a particular subject. The requirements for training and competence can be found in the Training and Competence Sourcebook.
This section of the FCA Handbook requires individuals to meet certain criteria regarding specific activities in order to attain competence. The key criteria include: having sufficient technical knowledge and the ability to apply this in practice; having sufficient skills which can be applied in practice; knowledge of changes in the market and of products, legislation and regulation. Financial soundness. Individuals should be financially sound in terms of both current status and past record.
Responsibilities of approved persons All approved persons effectively enter into a contract with the FCA under which they agree to comply with the principles for approved persons. The first four apply to all of the individuals in controlled functions, and these require approved persons to: act with integrity in carrying out their controlled function; act with due skill, care and diligence in carrying out their controlled function; observe proper standards of market conduct in carrying out their controlled function; deal with the FCA and with other regulators in an open and co-operative way and disclose appropriately any information of which the FCA would reasonably expect notice.
These principles require approved persons to: take reasonable steps to ensure that the business of the firm for which they are responsible in their controlled function is organised so that it can be controlled effectively; exercise due care, skill and diligence in managing the business for which they are responsible in their controlled function; take reasonable steps to ensure that the business of the firm for which they are responsible in their controlled function complies with the regulatory requirements of that business.
The retail distribution review The former FSA changed the basis of the sale of investment products in the retail marketplace from 31 December In summary, the changes are as follows: Distinguishing between "sales" and "advice". Independent advisors will need to offer unbiased, unrestricted advice that is not influenced by product provider influence or remuneration.
This is different to the old system whereby "independent" firms only needed to offer clients the option of paying by fee. Firms that are not independent will either be providing "restricted advice" i. In an effort to reduce the potential for commission that might influence advice, a number of changes have been introduced.
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Most notable is the rules to require advisory firms to set their own fees and to disclose the cost of the advice separately to the product-related charges although the advisory fees can still be deducted by the provider in the form of charges and remitted to the advisory firm - known as 'facilitation'. This overall approach is to be known as 'adviser charging' along with the like 'consultancy charging' for employer schemes.
Professional standards. Importantly, there was no "grandfathering" provision allowing existing "competent" advisers to bypass the need for an enhanced qualification and therefore all financial advisers needed to achieve this new level of qualification. The FCA also uses "accredited bodies", which will enforce professional requirements and codes of conduct upon financial advisers. Tailored handbooks As much of the Handbook does not apply to financial advisers, general insurance intermediaries or home finance firms, in January the former FSA embarked on a programme of making it more relevant to such users.
follow Using the Handbook The Handbook is made available on a hard-copy subscription basis - but this is not encouraged! Industry guidance In keeping with the shift towards increased flexibility and principles-based regulation, the FCA has encouraged greater use of industry guidance - codes of practice and similar statements produced by trade associations and professional bodies. Firm categorisation A new system is being introduced and firms were contacted in early about the categories into which they fall.