Key Terms
FSRE — Financial Services, Regulation & Ethics
Core regulatory bodies, principles, conduct rules and ethical concepts for FSRE.
Key Terms
- FCA — Financial Conduct Authority regulating conduct in UK financial services.
- PRA — Prudential Regulation Authority supervising financial stability of firms.
- Consumer Duty — FCA requirement to deliver good outcomes for retail customers.
- Treating Customers Fairly (TCF) — Principle ensuring fair treatment throughout customer interactions.
- Financial Ombudsman Service (FOS) — Independent service resolving disputes between firms and consumers.
- Financial Services Compensation Scheme (FSCS) — Compensation protection when authorised firms fail.
- Compliance — Following laws, regulations, and internal procedures.
- Money Laundering — Disguising illegally obtained money to appear legitimate.
- KYC (Know Your Customer) — Process of verifying customer identity and assessing risk.
- GDPR — Data protection regulation governing personal information handling.
- Vulnerable Customer — Customer particularly susceptible to harm due to circumstances.
- Conflict of Interest — Situation where impartial advice may be compromised.
- Duty of Care — Responsibility to act in the customer's best interests.
- Complaint Handling — Formal process for resolving customer complaints.
- Cooling-Off Period — Time allowing cancellation of certain financial products.
- MCOB — Mortgage Conduct of Business rules.
- ICOBS — Insurance Conduct of Business Sourcebook.
- Principle-Based Regulation — Regulation focused on outcomes and standards.
- Fraud — Dishonest activity for financial gain.
- Ethics — Moral principles guiding professional conduct.
- SMCR — Senior Managers and Certification Regime ensuring accountability.