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  1. Point in time
    2005-06-30

AUTH App 1.13 Exemptions applying to financial promotions concerning deposits and certain contracts of insurance

AUTH App 1.13.1 G

The exemptions in Part V of the Financial Promotion Order concern financial promotions relating to deposits and contracts of insurance other than life policies. The exemptions may be combined with exemptions in Part IV but not with those in Part VI.

AUTH App 1.13.2 G

Part V provides two kinds of exemption of a general nature and one specific exemption. The exemptions of a general nature are:

  1. (1)

    any form of real time financial promotion (articles 23 (Deposits: real time communications) and 26 (Relevant insurance activity; real time communications)); and

  2. (2)

    non-real time financial promotions containing certain specified information including the name, country of incorporation (if relevant) and principal place of business of the deposit-taker or insurer and whether it is regulated, details of any redress schemes and, for deposit-takers only, certain financial information (articles 22 (Deposits: non-real time communications) and 24 (Relevant insurance activity: non-real time communications)).

AUTH App 1.13.3 G

Article 25 (Relevant insurance activity: non-real time communications: reinsurance and large risks) exempts financial promotions concerning contracts of insurance which are either contracts of reinsurance or contracts covering certain large risks.

AUTH App 1.13.4 G

Intermediaries involved with arranging and advising on deposits may be unauthorised persons as such activities do not amount to regulated activities and so do not require authorisation under section 19 of the Act. However, the combination of the exemptions in Part V together with certain of the exemptions in Part IV (such as generic promotions - see AUTH App 1.12.14 G - and follow up communications - see AUTH App 1.12.10 G) should mean that it will often be possible for such persons to avoid any need to seek approval for their financial promotions from an authorised person. Guidance on the application of these exemptions to financial promotions about insurance mediation activities is in AUTH App 1.17A (Financial promotions concerning insurance mediation activities).1