PERG 8.18 Financial promotions concerning the Lloyd’s market
A person involved in insurance business written at Lloyd’s may be making financial promotions when attracting another person:
- (1)
to effect or carry out contracts of insurance written at Lloyd’s (where the controlled activity which is the subject of the financial promotion is effecting and carrying out contracts of insurance); or
- (2)
to have assets held under funds at Lloyd’s (where the controlled activity may involve dealing in securities and contractually based investments, arranging deals in investments, managing investments or safeguarding and administering investments); or
- (3)
to participate in particular syndicates at Lloyd’s (where the controlled activity is advising on syndicate participation or arranging deals in syndicate participations or underwriting capacity); or
- (4)
to participate indirectly in the Lloyd’s market as a shareholder of a corporate underwriting member or a limited partner in a limited liability partnership which is an underwriting member (where the controlled activity is dealing in, arranging deals in or advising on shares or units); or
- (5)
to take out insurance which is written at Lloyd’s (where the controlled activity is effecting a contract of insurance).
Most persons making financial promotions as referred to in are likely to be authorised persons. As such they will be subject to COB 3 or ICOB 3. Any persons who are making financial promotions as referred to in PERG 8.18.1 G and who do not need to be authorised persons will need to ensure that their financial promotions are approved by an authorised person or that a specific exemption applies (see PERG 8.13).