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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Plans & Membership

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Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

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UK Insurance Regulators & Solvency II

UK Insurance Regulators & Solvency II

Ted Wainman

20 years: CA & educator

The regulation of insurance companies has developed from the FSMA 2000 to the concept of ‘twin peaks’ regulation in 2010. Today the responsibility for regulation is split between the FCA (Financial Conduct Authority), the PRA (Prudential Regulation Authority) and the FPC (Financial Policy Committee).

The regulation of insurance companies has developed from the FSMA 2000 to the concept of ‘twin peaks’ regulation in 2010. Today the responsibility for regulation is split between the FCA (Financial Conduct Authority), the PRA (Prudential Regulation Authority) and the FPC (Financial Policy Committee).

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UK Insurance Regulators & Solvency II

10 mins 46 secs

Key learning objectives:

  • Understand the ‘twin peaks’ of regulation in financial services

  • Outline the roles of the FCA, the PRA and the FPC

  • Define Solvency II

Overview:

As an essential element of the world of financial services, insurance companies are subject to strict regulatory governance in order to ensure their continuity and limit the risk of a major failure having a systemic impact on the system. In 2010 the UK regulatory landscape was changed with the implementation of the ‘twin peaks’ of governance by the Bank of England and the UK Treasury. Today the regulatory responsibilities are split between the FCA, PRA and the FPC.

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Summary

What are the ‘twin peaks’ of regulation in financial services?

The Financial Services and Markets Act 2000 was replaced in 2010 with regulation being split between the Bank of England and the UK Treasury – known as the ‘twin peaks’.

What is the role of the FCA, the PRA and the FPC?

The Financial Conduct Authority is responsible for regulating the conduct of individuals within firms (Conduct of Business).  The Prudential Regulation Authority is responsible for the financial soundness of significant firms (micro-prudential regulation).  The Financial Policy Committee is responsible for the stability of the financial system as a whole (macro-prudential regulation and the systemic risk of the financial system).

What is Solvency II?

Solvency II refers to the regulations surrounding the strength of an insurance company’s balance sheet.  The regulation focuses on ‘three pillars’, being:  the valuation of assets, liabilities & capital requirements; the governance and risk management; and reporting & disclosure.

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Ted Wainman

Ted Wainman

Ted Wainman trained and qualified as an Associate Chartered Accountant (ACA) with Ernst & Young before joining JPMorgan on the Investment Management side of the business. He since has over 17 years of experience in designing, developing and delivering financial & business skills training workshops for over 275 clients in more than 35 countries.

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