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GENPRU 1.1 Application

GENPRU 1.1.1G

1There is no overall application statement for GENPRU. Each chapter or section has its own application statement.

GENPRU 1.1.2GRP

Broadly speaking however, GENPRU applies to:

  1. (1)

    an insurer;

  2. (2)

    a bank;

  3. (3)

    a building society;

  4. (4)

    a BIPRU investment firm; and

  5. (5)

    groups containing such firms.

GENPRU 1.1.2AG

8A firm should refer to GEN 2.2.13A R (cross-references in the Handbook) and GEN 2.2.23 R to GEN 2.2.25 G (cutover: application of provisions made by both the FCA and the PRA) when applying the rules and guidance in GENPRU. In particular, many rules in GENPRU are made by both the PRA (in relation to PRA-authorised persons) and by the FCA (in relation to BIPRU investment firms that are FCA-authorised persons).

GENPRU 1.1.2BGRP

8As the FCA does not have the power to impose prudential rules and guidance on PRA-authorised persons, references to PRA-authorised persons or PRA rules that are included in FCA GENPRU provisions will not be relevant in the FCA's application of that provision, unless otherwise stated.

Scope

GENPRU 1.1.3R

GENPRU applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.