Financial Services Regulation

Module Title	Financial Services Regulation
Module Code	25-5015-00S
Semester of Delivery	See Module Information Table
Mandatory/Elective/Option	See Module Information Table
Level	5
Credit Points	20
Assessment Mode Weighting	Examination	100%
Pre-requisites	None
Co-requisites	None
Class Contact Hours
Average Weekly	2.5
Directed Learning
Average Weekly	10
Module Leader	Peter McGregor
	Sheffield Business School
Module Banding	A
Approval Status	Validated

Rationale

A relationship of trust must exist between providers and users of financial services in order for that industry to prosper. This relationship is underpinned by an effective regulatory framework which has been shaped by parliamentary statute, case law, codes of practice, ethical/consumer pressures and initiatives from within the financial services industry itself .

This module will take an overview of the legal and regulatory system of the financial services industry and will help students to assess the likely impact of consumer/ethical pressures on future developments. It will also provide students, who intend to work in the financial services industry, with the regulatory background to operational procedures followed by financial services providers.

There are links between this module and the 'Principles of Investment' and 'Insurance and Pensions' modules in respect of regulation underpinning their relevant areas.

Summary of Aims

1. To enable students to appreciate the implications which parliamentary statute, case law and codes of practice have upon the relationship(s) which exist between providers and users of financial services
2. To develop an understanding for students of the role which ethical values and consumer pressures play in influencing the rules, regulations, attitudes and actions of financial services organisations.
3. To provide students with an understanding of the impact on financial services providers and users of the regulatory system imposed by "the authorities" in the UK .

Anticipated Learning Outcomes

On completion of this module, the student should be able to:

1. Review and evaluate the statutory, legal and practical factors which would influence the relationship(s) which exist between providers and users of financial services.
2. Recognise and assess the impact which ethical values and consumer pressures have upon financial services organisations.
3. Identify and analyse the effect which the Financial Services Authority has upon the operations of the financial services industry in the UK.

Assessment and Feedback Strategy

Formal summative assessment of this module will be achieved by a three hour closed book examination.

Informal formative assessment will be carried out by a series of seminars which will look at various topic areas. Constructive feedback will be given during these seminars.

Module Assessment Criteria

Learning Outcomes	Assessment Criterion (where assessed)	Level descriptors
		fail	PASS	2.2	2.1	First
Outcome 1	Examination	Weak, sketchy or inadequate content	Basic review and some relevant evaluation of the statutory, legal and practical factors which would influence the relationship(s) which exist between providers and users of financial services	Fuller review and a broader evaluation of the statutory, legal and practical factors which would influence the relationship(s) which exist between providers and users of financial services	Rigorous review and a thorough evaluation of the statutory, legal and practical factors which would influence the relationship(s) which exist between providers and users of financial services	Extensive review and a full evaluation of the statutory, legal and practical factors which would influence the relationship(s) which exist between providers and users of financial services
Outcome 2	Examination	Weak, sketchy or inadequate content	Fundamental recognition and basic assessment of the impact which ethical values and consumer pressures have upon financial services organisations	Fuller recognition and broader assessment of the impact which ethical values and consumer pressures have upon financial services organisations	Significant recognition and rigorous assessment of the impact which ethical values and consumer pressures have upon financial services organisations	Full recognition and extensive assessment of the impact which ethical values and consumer pressures have upon financial services organisations
Outcome 3	Examination	Weak, sketchy or inadequate content	Fundamental identification and basic analysis of the effect which the Financial Services Authority has upon the operations of the financial services industry in the UK	Fuller identification and significant analysis of the effect which the Financial Services Authority has upon the operations of the financial services industry in the UK	Substantial identification and rigorous analysis of the effect which the Financial Services Authority has upon the operations of the financial services industry in the UK	Extensive identification and critical, rigorous analysis of the effect which the Financial Services Authority has upon the operations of the financial services industry in the UK

Teaching and Learning Strategy and Methods

The learning outcomes for this module will be achieved by a mixture of methods and activities. The means of accumulating knowledge will be achieved by directed learning, independent student research via the internet and paper-based publications and lectures covering key topic areas and recent developments.

Within seminars, this knowledge will then be applied to specific questions and case studies either as individual or group activities. These methods will provide the necessary preparation for the summative examination assessment by helping develop student skills in communication, analysis and problem solving.

Indicative Content

Areas to be covered within this module are:

• The role(s) and powers of the Financial Services Authority
• The role and powers of the Financial Ombudsman Scheme
• Banking and financial services legislation
• Ethical "regulation" within the financial services industry
• Codes of practice
• Consumer protection
• Data protection
• Relationships between providers and users of financial services (sole, joint, partnership and limited company accounts)
• Money transmission systems and instruments including cheques, bankers orders, direct debits, bills of exchange and plastic cards .

Indicative Reading List

By its nature, the content of this module is extremely volatile and continually changing . New and updated information is constantly evolving. Consequently, each year the Module Guide will contain a revised list of indicative texts and web sites which are suitable to support the learner.