National Certificate: Banking NQF Level 5 - Management Assignment Help

Assignment Task:

Task:

1.1 EXPLAIN the differences between Acts and regulations.
Acts refer to Laws themselves as tabled and passed by parliament, while regulations give direction as to ways in which these legislative laws are to be adhered to. This includes monitoring of progress as pertains to compliance andto oversee any action, including punishment that may be necessary

117781 SO1 (AC1)
1.2 IDENTIFY and briefly DESCRIBE any two Acts or regulations that affect asset management in South Africa.
1. Financial Advisory and Intermediary Services Act.. This Act protects users, providers and intermediaries in the financial services sector

2.Financial Intelligence Act. This Act Supervises financial institutions to ensure compliance with the law, detects and identifies proceeds of crime, deter money laundering and the financing of terrorism

117781 SO1 (AC3)
1.3 EXPLAIN what is meant by the term ‘corporate governance’ in relation to financial institutions. Corporate governance refers to procedures, standards and mechanisms followed to operate an institution. In the case of financial institutions, standards are regularly monitored and updated as necessary, e.g King I, II, III etc

1.4 IDENTIFY any two regulatory bodies active in the financial services sector and briefly DESCRIBE their functions.
Regulatory Body Functions
Prudential Authority This body resides within the South African

Reserve Bank and its duty is to oversee “the safety and soundness of financial institutions”

Financial Sector Conduct Authority

The FSCA regulates how financial institutions conduct their operations and how they treat their customers

117781 SO2 (AC2)
1.5 EXPLAIN the difference between internal (your bank’s) and external (the industry as a whole) regulations in the financial services sector.
Internal regulations are put in place and monitored by the bank’s management and monitor the conduct of employees as they go about their duties, including, but not limited to how they treat each other and importantly how they treat clients
External regulations are promulgated by external regulatory bodies and are expected to be fully implemented by all role players in any industry in which they are applicable

1.6 EXPLAIN the objectives and key principles of the financial services sector regulations.
Objectives: To ensure that all stakeholders. i.e customers, financial services providers and intermediaries adhere to the various Acts of Law and stay up to date with any changes and amendments as they happen

1.7 IDENTIFY a practice that is considered to be undesirable in the banking sector and IDENTIFY the body that would regulate this. Banks may not engage in conduct that is deceptive towards their clients. This may take the form of giving a client incomplete or misleading information about any transactions being entered into, for instance.
This may be dealt with by the Ombudsman for the Banking Services which may seek to get relief for the client

1.1 EXPLAIN the impact and consequences of the Acts or regulations that you identified in knowledge question 1.2 above. Include the following in your explanation:
1.1.1 The impact that these Acts/regulations could have on investment;
1.1.2 The consequences if these Act/regulations are not applied consistently in the sector.
Acts and regulations are enacted in order to ensure order, uniformity, consistency and safety in the financial services sector. If they are regularly monitored, updated and enforced accordingly it will boost investor confidence in the sector and the economy as a whole

If Acts and regulations are routinely ignored and not enforced it may result in not only loss of confidence and money in the sector, but also increases in financial crimes etc

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