Module Code: H7LRFS
Long Title Law and Regulation for Financial Services
Title Law and Regulation for Financial Services
Module Level: LEVEL 7
EQF Level: 6
EHEA Level: First Cycle
Credits: 10
Module Coordinator: Philip Shanahan
Module Author: Philip Shanahan
Departments:  
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Assess the current regulatory framework and provisions pertaining to financial services providers in Ireland;
LO2 Analyse the key provisions of relevant regulatory requirements, data protection, and anti-money laundering and other applicable legislation and their application in the dealing with consumers in the financial services industry;
LO3 Interpret the regulatory requirements for credit unions in the provision of general financial advice and services to members;
LO4 Determine the key provisions contained within various Central Bank regulations, including Consumer Protection Code, Minimum Competency Code, and Fitness and Probity Regulations, and understand how these regulations are applied by the Central Bank of Ireland;
LO5 Understand the main provisions of Credit Union specific legislation;
LO6 Evaluate the impact on the financial services industry of legal principles including contract law and the principle/agent relationship.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
Financial Services Regulation
•Reason for regulation •Forms of regulation •Central Bank Acts •Central Bank as regulator, functions, powers •Authorisation and supervision of insurance undertakings •Role of the Competition and Consumer Protection Commission •Impact of EU on legislation in Financial Services
Intermediaries
•Authorisation and supervision of intermediaries •Investment Intermediaries Act 1995, including intermediary classifications and handling of client monies •European Communities (Insurance Mediation) Regulations, 2005 •Insurance Distribution Directive including provisions and Central Bank implementation •Agent / Principle relationship
Conflict Resolution
•Consumer Protection Code provisions, errors and complaints handling •Financial Services and Pensions Ombudsman •Investor compensation
Other Legislation
•Criminal Justice (Money Laundering and Counter Terrorist Financing) Act 2010 & 2013 •Credit Union Act 1997, as amended •Data Protection Acts 1988 & 2003, GDPR •Equal Status Acts 2000 •Overview of Health & Safety & Employment law •2015 European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 •European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 •Contract Law, essential elements of a contract, remedies for breach, termination
Financial Advice and Consumer Protection
•Consumer Protection Code 2012 •Execution only sales •Fee based advice, pros and cons •Minimum Competency Code 2017 •Fitness & Probity Regulations
Ethics and Financial Services
•Why identifying ethical standards can be difficult •Five sources of ethical standards •Putting the approaches together •Making ethical decisions •Framework for ethical decision making •Corporate governance, tone from the top •Consequences of unethical behaviour •When things go wrong
Important Note:
Due to the nature of this curriculum, references to specific legislation and regulation will be updated if and when superseded.
Reading
Learners will be provided with access to a comprehensive reading manual, covering all module content. The module tutor may recommend further reading and/or research.

Assessments

Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture 3 x 3 hour live online classes (9 hours) 2 x full day workshops (14 hours) Directed reading & foemative assessment (14 hours) Direct tutor support/discussion forum (7 hours) 44 Every Week 44.00
Independent Learning Independent study (105 hours) On the job learning (105 hours) 210 Every Week 210.00
Total Weekly Contact Hours 44.00
 

Module Resources

This module does not have any book resources
This module does not have any article/paper resources
Other Resources
  • [Website], Central Bank of Ireland. (2012), Consumer Protection Code, Central Bank of Ireland, Central Bank of Ireland,
    http://www.centralbank.ie
  • [Website], Central Bank of Ireland. (2018), Minimum Competency Code 2017, Central Bank of Ireland, Central Bank of Ireland,
    http://www.centralbank.ie
  • [Website], Central Bank of Ireland. Fitness and Probity Regulation, Central Bank of Ireland, Central Bank of Ireland,
    http://www.centralbank.ie
  • [Website], Irish League of Credit Unions. Standard Rules for Credit Unions, Irish League of Credit Unions, Irish League of Credit Unions,
    http://www.creditunion.ie
Discussion Note: