INSU07020 2022 QFA Regulation - Theory

Demonstrate why governments regulate financial services.

Identify the main regulatory authorities relating to the authorisation of financial services providers and the provision of financial services.

State the main regulatory requirements relating to the marketing of financial services products.

Demonstrate an understanding of the main regulatory requirements relating to the sales / advisory process and to meeting potential clients.

Identify the main regulatory requirements relating to handling complaints and to customer records and

Recognise the main regulatory requirements relating to fitness and probity and to whistleblowing.

This module is delivered with a blend of self-directed study supplemented by e-learning resources such as pre-recorded webinars and revision masterclasses. The teaching and learning modes will include:

Textbook

The Textbook is revised on an annual basis to reflect changes in legislation and regulation.  It is equivalent to the lecture notes students would receive in formal education institutions.

Revision Masterclass

Online lectures utilise lecture notes with extra reading material.  In these sessions real time practical examples will be used.  These classes provide the opportunity for the lecturer to maximise the use of formative assessment which helps the lecturer identify areas which the students are having difficulty with, so that adjustments can be made to the lecturing techniques, content of lessons and academic support.

In class discussion

Based on the theories/concepts underpinning business, in class discussion will be used to establish the level of understanding of the retail financial products.  Students will be encouraged to identify the application within their own place of employment and from the general business environment.

Self-Directed Questions

Self-Directed Questions will be used to determine their ability to review, fact-find and make recommendations while applying the knowledge they have acquired from the course textbook. 

Individual Work

Working as an individual will allow for the further development of self-discipline and enquiry.  

Personal Reflection

The personal reflection allows the student to look back over the learning experiences and identify areas for improvement and areas that worked well.

The assessment strategy for QFA Regulation is by way of a two-hour 100 multiple-choice question (MCQ) summative examination.

The repeat assessment will be 100% final examination.

Why Governments Regulate Financial Services

• Why?
• Different Types of Regulation
• The Central Bank of Ireland
• Competition and Consumer Protection Commission

Authorisation

• Providing Financial Advice to Consumers
• Retail Intermediaries
• Investment Intermediaries
• Insurance Intermediaries
• Mortgage Credit Intermediaries
• Mortgage Intermediaries
• Credit Intermediaries
• MiFID Investment Firms
• Product Producers
• Fitness and Probity Requirements
• Intermediary Registers
• Cancellation of Agency Appointments

Marketing

• Advertising
• Use of the Terms ‘Independent’ and ‘Broker’
• Using Personal Data for Marketing Purposes
• Electronic Privacy
• Personal Visits and Unsolicited Telephone Contact
• Meeting Potential Clients
• Making First Contact on Foot of a Referral
• Terms of Business
• Customer Due Diligence

The Sales/Advisory Process

• Conduct of Business Rules
• Consumer Protection Code
• MiFID Rules
• Distance Marketing
• Sustainable Finance Disclosure Regulation

Customer Records

• Introduction
• Consumer Protection Code
• Criminal Justice Acts
• General Data Protection Regulation

Handling Complaints

• Consumer Protection Code
• Financial Services and Pensions Ombudsman

Investor Protection

• Introduction
• The Investor Compensation Scheme
• The Deposit Guarantee Scheme (DGS)
• Policyholder Protection

Unfair Terms in Consumer Contracts

• Introduction
• Unfair Standard Terms Are Not Binding
• Plain Intelligible Language
• Core Contract Terms Excluded from Fairness Test
• Enforcement

Whistleblowing

• Ongoing Monitoring of Customers
• Reporting to the Central Bank
• Reporting to The Pensions Authority
• Obligation to Report to the Gardaí