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You are viewing the version of the document as on 2022-12-16.

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    2022-12-16

PROF 3.1 The FCA's duty to keep itself informed

PROF 3.1.1G

325 of the Act (Authority's general duty) imposes on the FCA a duty to keep itself informed about:

  1. (1)

    the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by exempt professional firms; and

  2. (2)

    the way in which exempt professional firms carry on exempt regulated activities.

PROF 3.1.2G

The FCA keeps itself informed in a number of ways. A designated professional body has a duty under section 325(4) of the Act to cooperate with the FCA. Article 94 of the Regulated Activities Order requires each designated professional body to provide the FCA with the information it needs to maintain a public record of persons that are registered with the FCA to conduct insurance distribution activity2. The FCA has made arrangements with each of the designated professional bodies about the information they provide to it, to include information about:1

  1. (1)

    complaints and redress arrangements;

  2. (2)

    complaints volumes and their analysis;

  3. (3)

    disciplinary action;

  4. (4)

    supervisory activity; 1

  5. (5)

    the activities carried on by exempt professional firms, the risks arising from them and how they are mitigated, for example by monitoring activity or training and competence arrangements; and1

  6. (6)

    the names and addresses of each of their exempt professional firms that carry on, or are proposing to carry on, insurance distribution activity2, together with the details of the individuals within the management of the exempt professional firms who are responsible for the insurance distribution activity3.

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PROF 3.1.3G

Information may also be obtained from exempt professional firms, government departments, trade bodies, consumer organisations and clients of exempt professional firms. The FCA may also commission or carry out reviews of the supervisory and regulatory activities of a designated professional body and commission or carry out research about, or surveys of, exempt professional firms or their clients.