Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2006-11-01

ICOB 2.4 Reliance on others

ICOB 2.4.1G

Principle 2 requires a firm to conduct its business with due skill, care and diligence. ICOB 2.4 indicates the extent to which firms that carry on insurance mediation activities and that communicate or approve a non-investment financial promotion can meet this requirement by relying on others.

ICOB 2.4.2R

A firm will be taken to be in compliance with any rule in ICOB that requires a firm to obtain information, to the extent that the firm can show that it was reasonable for it to rely on information provided to it in writing by another person.

ICOB 2.4.3E
  1. (1)

    In relying on ICOB 2.4.2 R, a firm should take reasonable steps to establish that the other person providing written information:

    1. (a)

      either:

      1. (i)

        is not connected with the firm and competent to provide the information; or

      2. (ii)

        provides information given by the customer or the insurer.

  2. (2)

    Compliance with (1) may be relied on as tending to establish compliance with ICOB 2.4.2 R.

  3. (3)

    Contravention of (1) may be relied on as tending to establish contravention of ICOB 2.4.2 R.

ICOB 2.4.4R
  1. (1)

    Any information which a rule in ICOB requires to be sent to a customer may be sent to another person on the instruction of the customer.

  2. (2)

    There is no need for a firm to supply information to a customer where it has taken reasonable steps to establish that this has been or will be supplied by another person.