MIPRU 2.1 Application and purpose
Application
1This chapter applies to a firm with Part 4A permission to carry on insurance distribution activity3 or MCD credit intermediation activity.2
You are viewing the version of the document as on 2023-09-29.
1This chapter applies to a firm with Part 4A permission to carry on insurance distribution activity3 or MCD credit intermediation activity.2
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.
The person could, for example, be:
a SMF manager who holds the executive director function (SMF 3) or the other overall responsibility function (SMF 18); or
a person who holds a significant management FCA certification function,
in relation to, as relevant, insurance distribution business or MCD credit intermediation business.
8The firm must notify the FCA in a timely manner of the allocation in MIPRU 2.2.1R in accordance with (2).
Where the person allocated responsibility under MIPRU 2.2.1R, is:
a SMF manager, then notification must be made in the following way:
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
included in (as relevant):
revised statement of responsibilities sent to the FCA as described in SUP 10C.11.7D (Revised statements of responsibilities: Procedure); or
a Directory person, the notification is included in the Directory person report (see SUP 16 Annex 47AR (Directory persons report)); or
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).
Where a firm has appointed an appointed representative to carry on insurance mediation activity or MCD credit intermediation activity4 on its behalf, the person responsible for the firm'sinsurance mediation activity or MCD credit intermediation activity4 will also be responsible for the insurance distribution activity6 or MCD credit intermediation activity4 carried on by an appointed representative.
The FCA will specify in the Financial Services Register the name of the persons to whom the responsibility for the firm'sinsurance 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.
6 4