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30 Cards in this Set
- Front
- Back
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What are the data protection principles? |
- process lawfully. - collected for specified, explicit and legitimate purposes. - adequate, relevant and limited to what necessary purposes of processed. - kept accurate and up-to-date. - kept in forms are okay for no longer the necessary. - processed any manner that and ensures appropriate security |
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What is the definition of data subject? |
An individual whose personal data is processed. |
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What is the definition of personal data? |
Information that can be directly or indirectly identifying a natural person. This person can be in any format. |
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What is special categories of personal data? |
This is sensitive data such as the following: race, religious beliefs, political persuasion, trade union membership, sexual orientation, health, biometric data and genetic data. |
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An organisation must have lawful basis for processing data. At least one of the follow must apply when processing data? |
-Consent. -Contract. -Legal obligation. -Vital interests. -Public task. -Legitimate interests. |
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How is GDPR enforced? |
Them should report significant personal data breaches to the information commissioner. |
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Information commissioner's power to enforce GDPR are the following: |
- service information notices. - issue undertakings. - save enforcement notices and stop. No orders where there has been a breach. - conduct consensual assessments. - serve assessment notices. - issue monetary penalty notices. - prosecute. -Issue a ban. |
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What are criminal offences under GDPR? |
- for a data control to fail to comply with an information or enforcement notice. - failure to make proper notification to the information commissioner. - process the data without authorisation from the commissioner. - intentionally re-identifying individuals from data. |
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What is the maximum fine from GDPR? |
The maximum fine for these offences is the higher of €20 million or 4% of an organization's worldwide turnover in the EU. In the UK, the maximum party is the higher of £17.5 million or 4% of the organisations annual worldwide turnover in the previous financial year. |
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What is the definition of direct pay arrangement? |
A direct pay arrangement is one where the employer collect an employee's pension contributions from their gross salary and pays them over to the pension provider. |
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What are the powers of the pension regulator? |
- investigating schemes. -Putting things right. -Acting against the avoidance. |
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Investment activity subject to MIFID? |
- receipt and transmission of orders from investors. - execution of orders on behalf of customers. - investment advice. - discretionary portfolio management. - underwriting the issue of specify financial instruments. |
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Reforms under MIFID 2 - 8 main areas? |
Conduct of business rules. Transparency. Development in market structures. Organisational requirements. Commodity derivatives. High frequency trading. Disclosure. Suitability |
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What is the basic task of internal auditors? |
- review how an organisation is managing its risks. - a certain where the appropriate controls have been established. - evaluating suggest improvements, control and governance processes. |
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What is a trustee? |
A trustee is a person or in some cases an organisation who's responsibility is to ensure that any property held and trust is dealt with in accordance with the trustee for the benefit of the trusts beneficiaries. |
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What is a compliance officer? |
Firms that are authorised by the FCA or the PRA are required to appoint a compliance officer to oversight firms compliance function |
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What are the responsibilities of a compliance officer? |
Production and publication of a compliance manual. Maintenance of complaints record such as complaints register and promotion records. Responding to a corresponding with the FCA on compliance matters. Insurance staff meet FCA requirements on training. |
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What are the codes of conduct examples? |
Statement of professional standards for an advisor. - The advertising standard authority. - The standard of lending practise. |
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What is the difference between a data controller and a data processor? |
A data processor is a person who processes data on behalf of a data controller. A data controller is legally accountable for the purposes of a which the data is processed and the way such process is carried out m |
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How long can data be kept for? |
Data must not be kept for longer than necessary. Any financial services context, this will be determined by the wreck, good keeping requirements relating to the specific product or to the money laundering rules. |
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The pension regulator response before the regulation of occupational pension schemes. True or false? |
False. Pension regulator is responsible for occupational pension schemes and for personal pension schemes where the employer has a direct pay arrangement. |
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What is the role of the pension protection fund? |
To provide compensation payments to members of the fine benefit pension schemes if they become solvent with insufficient funds to maintain full benefits for scheme members |
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What is not subject to MIFID? |
Life assurance as it's an insurance product. |
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Which regulator must UK based? IFAs who sell life assurance or general insurance registered? |
The FCA |
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What is the maximum borrowing a building society can raise on the wholesale market? |
50% of their liabilities |
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The pension protection fund does protect members of the personal pension schemes? True or false? |
False |
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The markets in financial instruments directive applies to advising on: |
Unit trusts. |
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What are oversight groups? |
People or bodies with responsibility for insurance firms meet various financial and regulatory requirements. |
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What is in relation to UK domicile alternative investment funds? (AIFS) |
AIFs is the term used for UK UCITS wishing to market into the EU since Brexit. |
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What is NOT a power available to the pensions Regulator? |
Issue in compensation not says for personal pension mis-sales |
