module specification

The PRA and the FCA are currently the prudential and conduct regulators for approximately 26,000 firms within the Financial Services Industry.

The module examines the legal and regulatory basis for the supervision of these firms and approaches to enforcement. The module examines the statutory basis for the regulators’ powers of enforcement; the significance of a ‘judgment-based and pre-emptive approach’ to supervision and enforcement that is focused on delivering the Regulator’s statutory objectives.

The module will also consider the interactions between regulators and issues arising for dual regulated firms.

This module aims to provide a detailed, critical and evaluative knowledge of Financial Services Compliance, Supervision and Enforcement.

MODULE AIMS

On successful completion of this module, you will be able to:

• appraise the international importance of Compliance, Supervision and Enforcement in a modern global economy;
• have a critical understanding of the influence of European Law on UK Financial Services Compliance, Supervision and Enforcement;
• appreciate the commercial importance of a rigorous system of Compliance, Supervision and Enforcement;
• critically evaluate the impact of global and commercial policy issues relating to Compliance, Supervision and Enforcement

No pre-requisites. Not available for Study Abroad.

The module will include:

• The core regulatory principles;
• The Regulatory Principles for Business;
• The conduct of Business;
• The supervision process;
• Risk profiles;
• The regulatory approach to ‘culture’;
• Event driven and reactive supervision;
• Supervision of products;
• Practical delivery of the supervisory system;
• Powers of investigation; enforcement powers.
• The FSA Market Tribunal and its replacement by the Upper Tribunal.

Overview

Students will be taught by a combination of online lectures, interactive online seminars, one-to-one supervision, and self-study of a comprehensive module, with students encouraged to read from specified case law and legal journals. Students will be given the opportunity to discuss theoretical issues as well as practical problem solving.  Students will be supported in undertaking on-line research using electronic law databases and encouraged to use on line legal resources on a regular basis. There is a virtual learning environment containing handbooks, lecture notes, weblinks, discussion groups, study skills materials and assessment criteria. 

Experiential Learning

Students will be encouraged to respond to realistic case-studies relating to the sector, giving written legal opinions to clients in the style of a professional legal advisor. As an alternative core for the LLM award, students will be able to undertake and experiential learning project. Students will also be able to participate in the extracurricular experiential learning offered within the Law School, including the Pro Bono Clinic and the Mooting Club.

Study Support

Students will have regular access to module tutors by email and by one-to-one video conferences to support their studies. They will also engage with one formative assessment for each module, which will be marked promptly with opportunities for feedback either by email or individual online discussion.

On successful completion of the module you will be able to do the following:

1. Comprehend and manage a substantial body of legal knowledge on UK Financial Services Compliance, Supervision and Enforcement;  

2. Evaluate the commercial and government policy implications of Compliance, Supervision and Enforcement and appreciate its economic and social balance;

3. Critically analyse the importance of Compliance, Supervision and Enforcement;

4. Research and manage legal information from paper and IT resources and present competent legal arguments in writing;

5. Synthesise relevant case law and statute, understand and present conflicting arguments and apply the law to problem scenarios relevant to aspects of Compliance, Supervision and Enforcement.

The module adopts the assessment strategy principles of GSBL which have been developed in the spirit of ESJ. These are:

1. The School is committed to ensuring that each student should not have more no more than 2 assessment points per 20 credit module.
2. We provide balanced forms of assessment, both in terms of its overall volume (measured in terms of assessment points and output required and the types used.
3. Group activities are part of the learning and teaching strategies but assessment is at the level of the individual. Thus, assessment focused on individual reflections and learning from participating in a group activity.
4. Flexibility/choice in assessment methods will be introduced wherever possible in order to facilitate different learning studies and support personalization

Assessment of the module will be by way of coursework, giving a choice of either a critical analysis of contemporary issues and/or experiential employment-related practical exercises.

In line with our policy on facilitating formative feedback to students, the assessment strategy is designed to provide formative feedback on a piece of contributing summary assessment before another summative component is due to be submitted.

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