2011 Table 1 - Financial services, regulation and ethics pages 4 to 7

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1 Financial services, and ethics (R01) Wizard Learning Financial services, and ethics Online Multimedia Course contents Gap covered as per the FSA gap fill template from final RDR rules (PS11/01) from January Table 1 - Financial services, and ethics pages 4 to 7 Gaps listed in the CII gap fill tool (as at September 2011) - these were taken by the CII from the FSA consultation document NOTE - as the final gap fill template covers additional areas we recommend that if you are using the CII gap filling tool that you consider filling the additional gaps that have been added. Understand the UK financial services industry in its European and global context Chapter 1 The UK financial services industry in its European and global context Learning outcome 1: Understand the UK financial services industry in its European and global context. 1.1 Introduction to the UK Financial Services industry in its European and global context 1.2 The function and operation of financial services within the wider economy 1.3 The role and structure of the UK and international markets 1.4 The role of the EU and the UK Government 1.5 The role of Government Understand the UK financial services industry in its European and global context * Role and structure of the UK and international markets, key participants * The impact of the EU on UK * The role of government economic and industrial policy,, taxation and social welfare * The function and operation of financial services within the wider economy LEARNING MATERIAL: 4,300 words; 36 minutes of audio & audiovisual presentations; 4 test your knowledge questions; 8 questions in the final Understand how the retail consumer is served by the financial services industry Chapter 2 How the retail consumer is served by the financial services industry Learning outcome 2: Understand how the retail consumer is served by the financial services industry 2.1 Introduction 2.2 Obligations towards consumers and their perceptions of financial services 2.3 Consumers main financial needs and how they are prioritised 2.4 Budgeting 2.5 Managing debt 2.6 Borrowing 2.7 Protection 2.8 Retirement planning 2.9 Savings and investment 2.10 Estate planning 2.11 Tax planning 2.12 Introduction to how the consumer s financial needs are met 2.13 Mortgages and loans 2.14 Protection policies 2.15 Retirement planning - pensions 2.16 Savings and investment products Section Types of fund 2.18 Savings and investment products Section Estate planning mitigating IHT 2.20 Introduction to National Insurance and State benefits 2.21 State benefits LEARNING MATERIAL: 29,900 words; 47 minutes of audio & audiovisual presentations; 15 test your knowledge questions; 31 questions in the final Understand how the retail consumer is served by the financial services industry * Obligations towards consumers and their perception of financial services * Consumers main financial needs and how they are prioritised: managing debt; budgeting and borrowing, including house purchase; protection; saving and investing; retirement; estate planning and tax planning * How those needs are met: mortgages and loans; life and health insurance; savings and investments; State benefits; the main types of pension provision

2 Understand legal concepts and considerations relevant to financial advice Understand the legal concepts and considerations relevant to financial advice Understand the legal concepts and considerations relevant to financial advice Chapter 3 Legal concepts and considerations relevant to financial advice Learning outcome 3: Understand legal concepts and considerations relevant to financial advice 3.1 Introduction 3.2 Legal identity 3.3 Law of contract and capacity 3.4 Law of agency 3.5 Property ownership 3.6 Powers of Attorney 3.7 Law of succession 3.8 Insolvency and bankruptcy 3.9 Use of Trusts LEARNING MATERIAL: 29,600 words; 65 minutes of audio & audiovisual presentations; 8 test your knowledge questions; 16 questions in the final * Legal persons and power of attorney * Basic law of contract and agency * Ownership of property * Insolvency and bankruptcy * Wills and intestacy * Use of trusts: the main types of trusts and their uses; how to create and administer trusts 15: use of trusts 16: the main types of trusts and their uses 17: the creation and administration of trusts Understand the of financial services Understand the of financial services Understand the of financial services Chapter 4: The of financial services Learning outcome 4: Understand the of financial services 4.1 Introduction 4.2 Roles of the authorities 4.3 Financial Services and Markets Act 2000 (FSMA) 4.4 Role of the European Union 4.5 Other Regulators 4.6 Additional Oversight LEARNING MATERIAL: 3,300 words; 5 test your knowledge questions; 10 questions in the final * The role of the Financial Services Authority (FSA), HM Treasury and the Bank of England market * The role of other regulating bodies such as the Competition Commission, the Office of Fair Trading, the Pensions Regulator, the Information Commissioner * Financial Services and Markets Act (FSMA) 2000, other relevant legislation * The role of EU and relevant Directives * Additional oversight senior management, trustees, auditors, external compliance support services 1: additional oversight - senior management, external compliance support services 2: FSMA : role of the FSA, Treasury and the Bank of England in regulating markets

3 Understand the FSA s responsibilities and approach to Chapter 5.1 The Financial Services Authority responsibilities and approach to Learning outcome 5: Understand the FSA s responsibilities and approach to & 5.1 Explain the FSA's statutory objectives and how it is structured to achieve these objectives 5.1 Introduction 5.2 The FSA 5.3 The FSA s statutory objectives 5.4 FSA scope and powers 5.5 FSA supervision and the risk-based approach 5.6 Financial stability and prudential Understand the FSA s responsibilities and approach to * Statutory objectives and how the FSA is structured to achieve these: powers and activities; financial stability and prudential ; powers to deal with financial crime; financial capability National Strategy * Risk-based supervision, discipline and enforcement, sanctions to deal with criminal activities Understand the FSA s responsibilities and approach to 4: statutory objectives and how the FSA is structured to achieve these 5: financial stability and prudential LEARNING MATERIAL: 3,600 words; 5 test your knowledge questions; 10 questions in the final Chapter 5.2 The Financial Services Authority Handbook Learning outcome 5: Understand the FSA s responsibilities and approach to & 5.2 Explain the main principles and rules in the FSA handbook 2/5.1 Introduction 2/5.2 Block 1 The main regulatory obligations for firms and individuals 2/5.3 Block 2 Prudential Standards (PRU) - The prudential requirements for firms 2/5.4 Block 3 Business standards - General requirements of firms 2/5.5 Block 4 Regulatory processes Operation of authorisation, supervision and discipline 2/5.6 Block 5 Redress Complaints and compensation 2/5.7 Other FSA handbook material 2/5.8 Other regulatory and legislative material LEARNING MATERIAL: 8,500 words; 9 test your knowledge questions; 14 questions in the final asses * The FSA Handbook the main principles and rules: the High Level Standards; Prudential Standards; Business Standards - Conduct of Business (COBS), rules for dealing with client assets, Market Conduct code, Training and Competence; Regulatory Processes - authorisation, supervision, approved persons, significant influence functions, controlled functions, appointed representatives 6: regulatory processes, significant influence functions Apply the principles and rules as set out in the regulatory framework Chapter 6 Principles and rules as set out in the regulatory framework Learning outcome 6: Apply the principles and rules as set out in the regulatory framework 6.1 Introduction 6.2 Authorisation 6.3 Approved persons and controlled functions 6.4 Record keeping, reporting and notification requirements 6.5 Training and Competence 6.6 Money Laundering 6.7 Data Protection 6.8 Complaints rules and procedures 6.9 Compensation rules and procedures Apply the principles and rules as set out in the regulatory framework * Regulated activities and authorisation requirements * Approved person and controlled function responsibilities * Record keeping, reporting and notification requirements * Professionalism and the training and competence requirements * Anti money laundering and proceeds of crime obligations * Data protection including data security * Complaints procedures and responsibilities to consumers * The Financial Ombudsman Service (FOS) * The Financial Services Compensation Scheme (FSCS) LEARNING MATERIAL: 9,000 words; 8 test your knowledge questions; 16 questions in the final

4 Apply the regulatory advice framework in practice for the consumer Apply the regulatory advice framework in practice for the consumer Apply the regulatory advice framework in practice for the consumer Chapter 7 The regulatory advice framework Learning outcome 7: Apply the regulatory advice framework in practice for the consumer 7.1 Introduction 7.2 Regulated advice standards Section Regulated advice standards Section Client relationships and adviser responsibilities Section Client relationships and adviser responsibilities Section Monitoring and reviewing clients plans Learning material: 8,900 words; 16 test your knowledge questions; 12 questions in the final * Client relationships and adviser responsibilities: types of clients, fiduciary relationship duty of care, confidentiality, primacy of clients interests, clarity of service provision and charges, status disclosure including terms of business and client agreements, execution only, limitations to own authority or expertise, referrals to and relationships with relevant specialists, clients cancellation rights * Regulated advice standards * Monitoring and reviewing clients plans and circumstances and taking account of relevant changes 13: client relationships and adviser responsibilities, fiduciary relationship - duty of care, confidentiality, primacy of clients' interests 14: taking into account relevant changes when monitoring and reviewing clients' plans and circumstances Understand the range of skills required when advising clients Chapter 8 Client advising skills Learning outcome 8: Understand the range of skills required when advising clients 8.1 Introduction 8.2 Communicating 8.3 Fact finding 8.4 Identification of needs and possible solutions 8.5 Assessment of affordability and suitability 8.6 Recommendations and reports Understand the range of skills required when advising clients * Communicating clearly, assessing and adapting to the differing capabilities of clients * Gathering information, and analysis of client s needs and circumstances, reaching conclusions and making appropriate recommendations LEARNING MATERIAL: 4,500 words; 5 test your knowledge questions; 10 questions in the final Apply the Code of Ethics and professional standards to business behaviours of individuals. Learning outcome 11. Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours Chapter 9 The FSA s use of principles and outcomes based to promote ethical and fair outcomes Learning outcome 9: Understand the FSA s use of principles and outcomes based to promote ethical and fair outcomes 9.1 Introduction 9.2 FSA Principles for Businesses 9.3 Corporate culture and leadership 9.4 Main regulatory obligations for individuals Understand the FSA s use of principles and outcomes based to promote ethical and fair outcomes * The Principles for Business and the discretionary obligations these place on firms * Corporate culture and leadership * The responsibilities that rest with approved persons and the need for integrity, competence and fair outcomes for clients, including dealing with conflicts of interest Understand the FSA s use of principles and outcomes based to promote ethical and fair outcomes 7: the FSA's use of outcomesfocused to promote ethical and fair outcomes 8: the responsibilities that rest with approved persons and the need for integrity, competence and fair outcomes for clients, including dealing with conflicts of interest LEARNING MATERIAL: 2,200 words; 3 test your knowledge questions; 6 questions in the final

5 Apply the Code of Ethics and professional standards to business behaviours of individuals. Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours Chapter 10 Ethics and professional standards Learning outcome 10: Apply the Code of Ethics and professional standards to business behaviours of individuals. Learning outcome 11. Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours 10.1 Introduction 10.2 Ethics in financial services 10.3 Ethics into practice 10.4 Evaluation and outcomes 10.5 Ongoing engagement with stakeholders LEARNING MATERIAL: 3,800 words; 4 test your knowledge questions; 8 questions in the final Apply the Code of Ethics and professional standards to business behaviours of individuals. Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours * The over-arching Code of Ethics * The professional principles and values on which the Code is based * Identifying ethical dilemmas * The steps involved in managing ethical dilemmas * Typical behavioural indicators positive and negative * The outcomes which may result from behaving ethically for the industry, the firm, individual advisers and consumers * The outcomes which may result from limiting behaviour to compliance with the rules for the industry, firm, individual advisers and consumers Apply the Code of Ethics and professional standards to business behaviours of individuals. Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours 9: the overarching code of ethics 10: the professional principles and values on which the code is based 11: identifying and managing ethical dilemmas 12: the outcomes that may result from behaving ethically and unethically for the industry, the firm, individual advisers and consumers

UK Financial Regulation Certificate for Financial Advisers (CeFA) and Certificate in Mortgage Advice and Practice (CeMAP ) Module 1 Syllabus

UK Financial Regulation Certificate for Financial Advisers (CeFA) and Certificate in Mortgage Advice and Practice (CeMAP ) Module 1 Syllabus Learning Outcomes Unit 1 Introduction to Financial Services