Consumer Protection Code Obligations

Description

ACCA Financial Regulation Mind Map on Consumer Protection Code Obligations, created by MARTHA MADRIZ on 04/02/2018.
MARTHA MADRIZ
Mind Map by MARTHA MADRIZ, updated more than 1 year ago
MARTHA MADRIZ
Created by MARTHA MADRIZ almost 7 years ago
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Resource summary

Consumer Protection Code Obligations
  1. Central Bank
    1. Obligations
      1. Product Design
        1. key characteristics
          1. Target Market of consumers
            1. The profile of the group of consumers at which the regulated entity aims a particular investment product
            2. Nature and Extent of the Risks
              1. level, nature, extent, and limitations of any guarantee and name of guarantor
              2. Product Launch
                1. update product information
                  1. at least annually
                    1. Provide update to Intermediaries
                      1. provide ongoing facilities to appointed intermediaries to facilitate inquiry/info on investment product
                  2. PRODUCT PRODUCERS
                    1. ALL Investments products
                2. N/A DEPOSIT
                  1. N/A Life Assurance Policy
                  2. FITNESS & PROBITY
                    1. CENTRAL BANK
                      1. imposed sanctions
                      2. Fitness & PROBITY Standards code
                        1. Specify standards that ALL- CONTROL FUNCTIONS CFs must comply
                          1. CFs
                            1. Advised to Consumer on Retail Financial Products
                              1. must have qualifications and Experience
                                1. Competence and Capacity appropriate to relevant function
                                  1. Demonstrate ability to perform CF role is not adversely affected to a material degree
                                    1. is or was a sole trader or a director partner in a firm
                                      1. Refused
                                        1. Prohibited
                                          1. Suspended
                                            1. Authorisation Revoked
                                              1. Right to carry on any trade, business, profession in any jurisdicction
                                          2. CF-2
                                            1. CF-3
                                              1. CF-4
                                                1. CF-5
                                                  1. CF-6
                                                    1. CF-7
                                                      1. Involve the person acting in the direct management or Supervision of those persons who act for the firm in roles CF-3, CF4, CF5 OR CF6
                                                        1. CF-8
                                                          1. Involve the person adjudicating on any complaint by a customer of the firm in relation to the provision of a financial service, e.g. Manager in charge of handling and deciding customers complaints
                                                        2. Involve the person determining the outcome of a claim arising under a contract of insurance or reinsurance
                                                        3. Involved the person assisting the customer in the making of a claim under a contract of insurance or reinsurance
                                                        4. Involved the person arranging, or offering to arrange, a financial service for a consumer. e.g Personal Financial Adviser
                                                        5. involved the person the person given financial advice e.g Financial Adviser
                                                        6. Ensuring, controlling or monitoring compliance eg. Compliance Manager
                                                        7. PRE-APPROVAL CFs
                                                          1. PCFs
                                                            1. Requires WRITTEN APPROVAL
                                                              1. CENTRAL BANK
                                                              2. DIRECTORS
                                                                1. Chairs of the Board
                                                                  1. Chielf Excecutive
                                                                    1. Head of Compliance
                                                                      1. Head of Retail Sales
                                                                2. Head of Actuarial Function
                                                            2. ONGOING Obligation
                                                            3. FITNESS
                                                              1. BE competent and Capable
                                                              2. PROBITY
                                                                1. BE Honest, ethical and Act with integrity
                                                                  1. BE Financial Sound
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