Information on Financial Institutions within the CeMAP Qualification
The Financial Conduct Authority (FCA)
In the wake of the financial crisis, the Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK’s economy. The FSA therefore became the FCA.
This is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. The FCA are a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FCA Board. This Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the CEO of the FCA.
You will learn a lot about the FCA and it’s regulatory remit on our CeMAP Training courses.
The London Institute of Banking & Finance
The London Institute of Banking & Finance was founded in 1879 as the Institute of Bankers and received its Royal Charter in 1987 when it became the Chartered Institute of Bankers.’ Please see our heritage page for further information.
The Charter Institute of Insurance (CII)
The CII is the premier professional organisation for those working in the insurance and financial services industry. It is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees at all levels and across all sectors of the industry.
Bank of England
The Bank of England is the central bank of the United Kingdom. Sometimes known as the ‘Old Lady’ of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UK’s financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy.
One of the Bank of England’s two core purposes is monetary stability. Monetary stability means stable prices – low inflation – and confidence in the currency. Stable prices are defined by the Government’s inflation target, which the Bank seeks to meet through the decisions on interest rates taken by the Monetary Policy Committee.
The current governance and accountability framework is set by the 1998 Bank of England Act, which provides for a Court of Directors, a Committee on Non-executive Directors within Court, and a Monetary Policy Committee.