| 1 | understand the UK financial services industry in its European and global context | 1.1 | describe the role and structure of UK and international financial services markets |
| 1.2 | describe the role of Government in financial services |
| 1.3 | explain the function and operation of financial services within the wider economy |
| 1.4 | explain the impact of the EU on UK regulation |
| 2 | understand how the retail consumer is served by the financial services industry | 2.1 | explain industry obligations towards consumers |
| 2.2 | identify consumers' perceptions of financial services |
| 2.3 | identify consumers' financial needs and how they are prioritised |
| 2.4 | explain how consumers' financial needs are met |
| 3 | understand the regulation of financial services | 3.1 | describe the role of the FSA, HM Treasury and the Bank of England |
| 3.2 | describe the role of other regulating bodies |
| 3.3 | interpret the Financial Services and Markets Act (FSMA) and other relevant legislation |
| 3.4 | describe the role of the EU regulations and directives |
| 4 | understand the FSA's responsibilities and approach to regulation | 4.1 | identify the FSA's statutory objectives and the regulatory processes |
| 4.2 | interpret the main principles and rules of the FSA Handbook |
| 5 | understand the principles and rules as set out in the regulatory framework | 5.1 | apply the FSA Conduct of Buisness Sourcebook principles and rules |
| 5.2 | apply the rules and practices of anti-money laundering and proceeds of crime obligations |
| 5.3 | apply the principles and rules of the Data Protection Act |
| 5.4 | explain the complaints procedures and analyse the roles of the FOS and FSCS |
| 5.5 | apply the FSA principles and rules relating to client relationships and adviser responsibilities |
| 6 | understand the legal concepts relevant to financial advice | 6.1 | describe the roles of the legal persons and powers of attorney |
| 6.2 | explain the basic laws of contract and agency |
| 6.3 | explain the impact of insovency and bankruptcy |
| 6.4 | explain intestacy and the use of wills |
| 6.5 | identify the main types of trusts and their uses |
| 6.6 | explain the process of creating and administering trusts |
| 7 | understand the different types of risk and how they relate to institutions and to individuals | 7.1 | identify the concepts and classifications of risks relating to financial institutions and their customers |
| 7.2 | explain the different types of risk faced by financial institutions and their customers |
| 7.3 | identify the benefits and drawbacks of different levels of risk |
| 7.4 | explain the options for mitigating, eliminating or managing risk |
| 8 | understand the skills required when advising clients | 8.1 | analyse the importance of clear communication |
| 8.2 | explain the processes used for gathering information and assessing clients' needs |
| 8.3 | summarise clients' circumstances and make appropriate recommendations |
| 9 | understand the FSA's principles based approach to promoting ethical behaviour | 9.1 | analyse The Principles for Businesses |
| 9.2 | identify corporate culture and leadership |
| 9.3 | identify the role of approved persons |
| 9.4 | evaluate the need for integrity, competence and fair outcomes for clients |
| 10 | understand the Code of Ethics and professional standards | 10.1 | apply the over-arching Code of Ethics |
| 10.2 | apply professional principles and values |
| 10.3 | identify ethical dilemmas and the steps involved in managing these |
| 11 | understand the differences between ethic and unethical behaviour | 11.1 | evaluate typical behavioural indicators - positive and negative |
| 11.2 | evaluate the outcomes of ethical and unethical behaviour for the financial services industry, individual advisers and consumers |
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