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FPCOB 15.1 Application and purpose

General application

FPCOB 15.1.1R

1Subject to FPCOB 15.1.2R, this chapter applies to firms with a Part 4A permission for regulated funeral plan activities.

FPCOB 15.1.2R

This chapter does not apply to a PRA-authorised person.

Purpose

FPCOB 15.1.3G
  1. (1)

    1The purpose of FPCOB 15 is to set out the detailed prudential obligations that apply to regulated funeral plan activity.

  2. (2)

    1Adequate financial resources are necessary for the effective management of prudential risks. The rules in this chapter therefore impose requirements relating to the financial resources of a firm to which this chapter applies.

  3. (3)

    1The rules concern the adequacy of the financial resources that a firm needs to hold in order to be able to meet its liabilities as they fall due (the general solvency requirement). These resources include both capital and liquidity resources.

  4. (4)

    1The rules also place a core capital resources requirement on a firm to which this chapter applies. This core capital resources requirement varies depending on the nature of the activities undertaken by the firm.