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You are viewing the version of the document as on 2023-09-29.

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MIPRU 2.2 4Allocation of the responsibility for insurance distribution activity or MCD credit intermediation activity

4Responsibility for insurance distribution activity or MCD credit intermediation activity

MIPRU 2.2.1RRP

A firm3, other than a sole trader, must allocate the responsibility for the firm's insurance distribution activity6 or MCD credit intermediation activity4 to a director or senior manager.

3

[Note: article 3(1), eighth paragraph of the IDD6 and article 29(4)(a), first sentence, of the MCD.4]

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MIPRU 2.2.1AG
  1. (1)

    8Where a firm allocates responsibility under MIPRU 2.2.1R it should ensure that the person to whom the allocation is made is of sufficient seniority and authority within the firm to take on that role.

  2. (2)

    The person could, for example, be:

    1. (a)

      a SMF manager who holds the executive director function (SMF 3) or the other overall responsibility function (SMF 18); or

    2. (b)

      a person who holds a significant management FCA certification function,

in relation to, as relevant, insurance distribution business or MCD credit intermediation business.

MIPRU 2.2.1BR
  1. (1)

    8The firm must notify the FCA in a timely manner of the allocation in MIPRU 2.2.1R in accordance with (2).

  2. (2)

    Where the person allocated responsibility under MIPRU 2.2.1R, is:

    1. (a)

      a SMF manager, then notification must be made in the following way:

      1. (i)

        in Form A (Application to perform controlled functions) (see SUP 10C Annex 3D ), Form D (Notification: Changes to personal information/application details and conduct breaches/disciplinary action related to conduct) (see SUP 10C Annex 6R) or Form E (Internal transfer of a person performing a controlled function) (see SUP 10C Annex 7D ); and

      2. (ii)

        included in (as relevant):

        1. (A)

          a statement of responsibilities; or

        2. (B)

          revised statement of responsibilities sent to the FCA as described in SUP 10C.11.7D (Revised statements of responsibilities: Procedure); or

    2. (b)

      a Directory person, the notification is included in the Directory person report (see SUP 16 Annex 47AR (Directory persons report)); or

    3. (c)

      a person other than a person in (a) and (b), then notification may be emailed to ‘firm.queries@fca.org.uk’ or made using a method as set out in SUP 15.7.4R (Method of notification).

MIPRU 2.2.2RRP
6545

[deleted]7

MIPRU 2.2.3GRP

[deleted]7

MIPRU 2.2.5GRP

The FCA will specify in the Financial Services Register the name of the persons to whom the responsibility for the firm's insurance distribution activity6 or MCD credit intermediation activity4 has been allocated8. In the case of a sole trader, the FCA will specify in the Financial Services Register the name of the sole trader as the 'contact person' in the firm.

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