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MIPRU 5.1 Application and purpose

Application

MIPRU 5.1.1RRP

2This chapter applies to a firm with a Part 4A permission to carry on:

  1. (1)

    insurance business; or

  2. (1A)

    insurance distribution activity; or4

  3. (2)

    home financing;1

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  4. (3)

    [deleted]4

Purpose

MIPRU 5.1.2GRP

The purpose of this chapter is to implement article 164 of the IDD4 in relation to insurance undertakings and insurance intermediaries. The provisions of this chapter have been extended to home finance providers1 in relation to insurance distribution activity4, and to insurance undertakings and home finance providers in relation to home finance mediation activity1, to ensure that firms using these services are treated in the same way and to ensure that clients have the same protection. To avoid the loss of protection where an intermediary itself uses the services of an unauthorised person, this chapter also ensures that each person4 in the chain of those providing services is authorised.

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MIPRU 5.1.3G

This chapter supports the more general duties in Principles 2 and 3, and the relevant rule in the Senior Management Arrangements, Systems and Controls sourcebook (see SYSC 3.1.1 R and SYSC 4.1.1 R).3