SHE Level 3
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M3N322742
Module Leader Patrick Ring
School Glasgow School for Business and Society
Subject Risk
  • A (September start)

Pre-Requisite Knowledge

Succesful completion of Financial Markets Environment or Personal Investment or equivalent.

Summary of Content

This module examines the regulatory framework of the UK Financial Services industry, setting it in its European and global context. It examines in detail the regulatory requirements relating to financial firms and practitioners, and the role of financial regulators. As well as examining the regulators' principles and rules, it looks at ethical and compliance driven considerations in the context of the regulator achieving its outcomes. It also considers the position of the consumer in financial regulation. In doing so, it also looks at the regulatory and ethical requirements relevant to financial advice as well as the skills required in providing financial advice.


-360b7 Justifying Financial Regulation. b7 Regulators, and the European and international context b7 UK regulation of financial services - the FCA, PRA and other regulatory bodies b7 The Statutory Framework - the application of the FSMA 2000, FSA2012 and the regulatory handbook b7 Principles, outcomes, risk-based and outcome/judgement-based regulation b7 The retail consumer and the provision of advice - theory and practice b7 Ethics. Codes of Practice, professional standards and the behaviour of firms and individuals b7 Money laundering, Market Abuse and Insider Dealing b7 Banking regulation and the regulation of markets b7 Data Protection in financial services

Learning Outcomes

On successful completion of this module, the student should be able to:1. Critically assess the justifications for financial regulation2. Discuss the structure of UK financial services regulation in its European and global context3. Explain and assess the responsibilities of the UK's financial regulators and their approach to regulation4. Discuss the inter-relationship between principles, rules, risk, and judgement-and outcome-based approaches to regulation, 5. Apply the UK's regulatory framework to a range of financial services sectors6. Discuss the position of the consumer in financial services regulation, the regulatory framework of consumer advice, and the key issues and skills involved in the provision of client advice 7. Critically assess the relevance of ethics, ethical codes, including PRME, and professional standards in the regulation of businesses and individuals8. Apply regulatory principles to practical situations9. Critically assess regulatory issues orally and in writing, including by means of formal oral presentation and group working10. Research academic and industry-related materials using advanced research skills

Teaching / Learning Strategy

The learning outcomes are grounded in the delivery of a core set of lectures, supported by podcats, providing students with essential knowledge and discussion points. Thereafter, students are encouraged to develop their skills in data gathering and critical analysis as a means of reinforcing and supplementing the core material. These efforts are underpinned by seminars, which will require students to research and provide the opportunity to present and discuss data and ideas, including by way of presentation, thus also enhancing personal transferable skills. A series of formative tests will also be delivered via Blackboard to underpin learning. Skills in group working will be enhanced by participation in a summative group presentation, underpinned by use of online and face-to-face support in enhancing presentation skills and group work. This will include working in 'virtual' groups via GCU Learn including use of discussion boards and document sharing. Industry practitioners will be involved both in course delivery and in assessment of presentations. Learning will be supported by a Discussion Board and subject-specific bloga, as well as consolidating or subject-specific podcasts. Students will be provided with a template for the evaluation of their coursework, and asked to identify both the strengths and weaknesses of their own work, including assessing their own written work. They will be asked to consider their work in relation to clear guidance provided on the coursework's requirements and given time to discuss and reflect upon those criteria in class prior to submission. Reflection on performance will form part of their written submission. Feedback will be provided soon after submission and identify strengths, weaknesses and corrective advice, including providing a comparison between the mark awarded for their written work and their own assessment. Feedback will identify generic and individual action points and, by setting specific time aside, students will be encouraged to identify their own action points to close the gap between current and desired performance, GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCULearn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission.

Indicative Reading

-108 Books and articles: Bazley, S, and Haynes, A (2007) Financial Services Authority Regulation and Risk-Based Compliance, Tottel Publishing Benston, G. J. (1998) Regulating Financial Markets: A Critique and some Proposals London, The Institute of Economic Affairs Blair, Michael et al. (2009). (2 nd ed.) Blackstone's Guide to the Financial Services and Markets Act 2000, London, Blackstone Press BPP (2010) Study Text (SII Diploma): Regulation and Compliance, London, BPP Learning Media Chartered Insurance Institute (2013) R01 Financial services, regulation and ethics, Diploma in Regulated Financial Planning, Study text, London, CII Coggins, B (1998). Does financial deregulation work?: a critique of free market approaches, Cheltenham, Edward Elgar, Goodhart, C. et. al. (1998). Financial regulation: Why, how and where now? London, Routledge. Hudson, A. (2009) The Law of Finance (1 st Edition), London, Thomson Reuters Kirk, J. and Ross, J. (2013) Modern Financial Regulation, Jordan Publishing Limited Llewellyn, D. (1999) The Economic Rationale for Financial Regulation. London, Financial Services Authority MacNeil, I. and O'Brien, J. (2010) The Future of Financial Regulation, Hart Publishing Mills, A. (2008) Essential Strategies for Financial Services Compliance John Wiley & Sons, Morris, S. (2009) Financial Services: Regulating Investment Business, London, Sweet & Maxwell Simpson, D. (1996). Regulating Pensions: Too Many Rules, Too Little Competition. London, The Institute of Economic Affairs. Webster, M. (2006) Data protection in the Financial Services Industry, London, Gower Publishing Online sources: Association of British Insurers: <<>> Association of Independent Financial Advisers: <<>> Bank of England: <<>> British Bankers' Association: <<>> Centre for the Study of Financial Innovation: <<>> The Compliance Exchange: <<>> Financial Ombudsman Service <<>> Financial Conduct Authority <<>> Financial Services Authority: <<>> Financial Services Compensation Scheme: <<>> Financial Services Consumer Panel: <<>> H.M. Treasury: <<>> The Money Advice Service <<>> Prudential Regulatory Authority <<>>

Transferrable Skills

By the end of this module students will have been given the opportunity to develop their oral and written communication, critical thinking skills and group-working skills. In particular, the group presentation (and the support provided in the run up to the presentation) will provide students with the opportunity to enhance their presentation and group-working skills, exercise responsibility for the work of others, who awareness of their own and others' roles and responsibilities. The portfolio assessment, as well as class exercises, will enable them to develop their initiative and research skills. Formative tests delivered via Blackboard will encourage students to take more personal responsibility for their own learning. The Teaching and Learning Strategy will also provide students with a number of opportunities to reflect upon their performance and identify areas for improvement. It will also enable them to understand and manage ethical and professional issues in accordance with current industry practice.

Module Structure

Activity Total Hours
Seminars (FT) 12.00
Assessment (FT) 15.00
Independent Learning (FT) 141.00
Lectures (FT) 32.00

Assessment Methods

Component Duration Weighting Threshold Description
PRESENTATION n/a 25.00 35% Presentation slides submitted week 7
PORTFOLIO n/a 25.00 35% iNDIVIDUAL PORTFOLIO 1500 words submitted in Week 11
portfolio n/a 50.00 35% Regulatory Folio based on Module Learning Outcomes - 2500 words