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Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the ''Financial Services Act 2012'' received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudential Regulation Authority (United Kingdom)
The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm. Although it was initially structured as a limited company wholly owned by the Bank of England, the PRA's functions have now been taken over by the Bank and are exercised through the Prudential Regulation Committee. The company has since been liquidated. The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013. As the Bank of England is operationally independent of the Government of the United Kingdom, the PRA is a quasi-governmental regulator, rather than an arm of the gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edinburgh
Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 Council areas of Scotland, council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian on the southern shore of the Firth of Forth. Edinburgh is Scotland's List of towns and cities in Scotland by population, second-most populous city, after Glasgow, and the List of cities in the United Kingdom, seventh-most populous city in the United Kingdom. Recognised as the capital of Scotland since at least the 15th century, Edinburgh is the seat of the Scottish Government, the Scottish Parliament and the Courts of Scotland, highest courts in Scotland. The city's Holyrood Palace, Palace of Holyroodhouse is the official residence of the Monarchy of the United Kingdom, British monarchy in Scotland. The city has long been a centre of education, particularly in the fields of medicine, Scots law, Scottish law, literature, philosophy, the sc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schroders
Schroders plc is a British multinational asset management company, founded in 1804. The company employs over 5,000 people worldwide in 32 locations around Europe, America, Asia, Africa and the Middle East. Headquartered in the City of London, it is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index. Schroders bears the name of the Schröder family, a prominent Hanseatic family of Hamburg with branches in other countries. The Schroder family, through trustee companies, individual ownership and charities, control 47.93 per cent of the company's ordinary shares. History Schroders' history began in 1804 when Johann Heinrich Schröder (John Henry) became a partner in J.F. Schröder & Co, the London-based firm of his brother, Johann Friedrich (John Frederick), founded in 1800. In 1818 J. Henry Schröder & Co. was established in London. During the American Civil War, Schroders "issued £3m bonds in 1863 for the Confederacy." Key events in the developm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open-ended Investment Company
An open-ended investment company (abbreviated to OEIC, pron. ) or investment company with variable capital (abbreviated to ICVC) is a type of open-ended collective investment formed as a corporation under the Open-Ended Investment Company Regulations 2001 in the United Kingdom. The terms "OEIC" and "ICVC" are used interchangeably with different investment managers favouring one over the other. In the UK OEICs are the preferred legal form of new open-ended investment over the older unit trust. As an open-ended company the manager must create shares when money is invested and redeem shares as requested by shareholders. As with other collective investments, ICVCs' main function is to make money for the shareholders. This is achieved via investing in different asset classes such as equities, fixed-interest investments, and property. By using economies of scale they facilitate access to professional investment management for small investors. OEICs were developed to be similar to Europ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Trust
A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgage and cash equivalents. Those investing in the trust own "units" whose price is called the " net asset value" (NAV). The number of these units is not fixed and when more is invested in a unit trust (by investors opening accounts or adding to their accounts), more units are created. In addition to the UK, trusts are found in Fiji, Ireland, the Isle of Man, Guernsey, Jersey, New Zealand, Australia, Kenya, Uganda, Namibia, South Africa, Singapore, Malaysia and Zimbabwe. History The first unit trust was launched in the UK in 1931 by M&G under the inspiration of Ian Fairbairn. The rationale behind the launch was to emulate the compara ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wrap Account
A wrap account (also known as wrap service or tax wrapper) is a means of consolidating and managing an investor's investment portfolio and financial plans. Wrap fee services are offered by many financial institutions. Often wrap services are offered for a fee or a series of charges. These charges cover all administrative and management costs. This type of service is also sometimes known as an investment platform or financial platform service. History By the mid-1990s, major American brokerage companies were offering Wrap accounts. By 1994, fees that formerly were at 3% were falling, as was the minimum investment amount. Wrap services were offered in Australia and New Zealand before coming to the UK (about 2000). , approximately £230 billion of assets are held on wrap services in the UK. Transact was the first Wrap service to be authorised in the UK. With the RDR - Retail Distribution Review - being undertaken by the FSA in the UK more investors are likely to move their in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Capability
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States, and the United Kingdom. Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training make better financial decisions and manage money better than those without such training. The Organization for Economic Co-operation and Development ( OECD) started an inter-governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles. In March 2008, the OECD launched the International Gateway for Financial Education, which aims to serve as a clearinghouse for financial edu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Policy Committee
The Financial Policy Committee (FPC) is an official committee of the Bank of England, modelled on the already well established Monetary Policy Committee. It was announced in 2010 as a new body responsible for monitoring the economy of the United Kingdom. Focusing on the macro-economic and financial issues that may threaten long term growth prospects, it was expected to be officially set out in legislation during 2012. Although early plans were for the interim (pre-legislation) FPC to meet in late 2010, the committee's first meeting was held in June 2011. As of March 2012, the FPC is expected to take over operational responsibility for managing the financial sector from the Financial Services Authority with legislation planned for 2013. Once operational, the committee, headed by the Governor of the Bank (currently Andrew Bailey), will address any risks it identifies by passing on its concerns to a new Prudential Regulation Authority (PRA), which will be obliged to act. Plans for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Osborne
George Gideon Oliver Osborne (born Gideon Oliver Osborne; 23 May 1971) is a former British politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State from 2015 to 2016 in the Cameron government. A member of the Conservative Party, he was Member of Parliament (MP) for Tatton from 2001 to 2017. He was editor of the ''Evening Standard'' from 2017 to 2020. The son of the Osborne & Little co-founder and baronet Peter Osborne, Osborne was born in Paddington and educated at Norland Place School, Colet Court and St Paul's School before studying at Magdalen College, Oxford. After working briefly as a freelancer for ''The Daily Telegraph'', he joined the Conservative Research Department in 1994 and became head of its political section. He went on to be a special adviser to Minister of Agriculture, Fisheries and Food Douglas Hogg and work for John Major at 10 Downing Street, including on Major's unsuccessful 1997 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services And Markets Act 2000
The Financial Services and Markets Act 2000c 8 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts. The Act was considerably amended by the Financial Services Act 2012 and the Bank of England and Financial Services Act 2016. Contents Some of the key sections of this act are: ;Part I The Regulator * Section 1A outlines the regulatory objectives of the Financial Conduct Authority: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime. * Section 2A establishes the Prudential Regulation Authority ;Part II Regulated And Prohibited Activities * Section 19 requires firms to be authorised to conduct regulated activities. * Section 21 makes it a criminal offence to issue a financial promotion ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barings Bank
Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring, a British-born member of the German-British Baring family of merchants and bankers. The bank collapsed in 1995 after suffering losses of £827 million (£ billion in ) resulting from fraudulent investments, primarily in futures contracts, conducted by its employee Nick Leeson, working at its office in Singapore. History 1762–1889 Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. They were sons of John (né Johann) Baring, wool trader of Exeter, born in Bremen, Germany. The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane.D. Kinaston. The City of London ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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