CII R01 Regulatory Bodies and Their Roles 3

Question 1

What is the role of Companies House in the regulatory landscape?

Accepted Answer

It incorporates and dissolves companies, maintains the public register of companies, and holds beneficial ownership information

Answer

Companies House is responsible for incorporating and dissolving companies, examining and storing company information, and making this available to the public. It holds the PSC Register showing beneficial ownership.

Question 2

What is the role of the Prudential Regulation Committee (PRC)?

Accepted Answer

The governing body of the PRA, responsible for setting its strategy and making key decisions on prudential regulation

Answer

The PRC is the governing committee of the PRA. It is a committee of the Bank of England's Court of Directors and is responsible for the PRA's strategy and key regulatory decisions.

Question 3

How do the FCA and PRA coordinate on dual-regulated firms?

Accepted Answer

They have a formal Memorandum of Understanding (MoU) and coordination framework for supervising firms regulated by both bodies

Answer

The FCA and PRA have a Memorandum of Understanding that sets out how they coordinate their supervision of dual-regulated firms. This includes information sharing, joint supervisory assessments, and protocols for enforcement.

Question 4

What is the role of the Treasury Select Committee in financial regulation?

Accepted Answer

It scrutinises the work of the FCA, PRA, and other financial regulators on behalf of Parliament

Answer

The Treasury Select Committee is a committee of the House of Commons that scrutinises the expenditure, administration, and policies of HM Treasury, the FCA, PRA, Bank of England, and related public bodies.

Question 5

What is the Chartered Insurance Institute (CII) and its role?

Accepted Answer

A professional body for insurance and financial planning professionals that sets educational standards and professional qualifications

Answer

The CII is a professional body that provides qualifications, maintains professional standards, and promotes ethical behaviour for insurance, financial planning, and financial services professionals.

CII R01 Practice Test

CII R01 Practice Test

CII R01 Regulatory Bodies and Their Roles 3