- (1) 12
- (a) 12
- (3) 1214
SUP 10.1.18 R provides that SUP 10 (Approved persons) does not apply (except in respect of the required functions) to an authorised professional firm in respect of its non-mainstream regulated activities. So a person such as a partner, whose only regulated activities are incidental to his professional services, in an authorised professional firm whose principal purpose is to carry on activities other than regulated activities, need not be an approved person.
DISP 1.1.5R (3) 10 provides that DISP 1 (Treating complainants fairly10) only applies 12to an authorised professional firm in so far as its mainstream regulated activities are12 concerned. DISP 2.3.4 R15 further provides that a complaint15 about an authorised professional firm cannot be handled under the Compulsory Jurisdiction of the Financial Ombudsman Service if it relates solely to non-mainstream regulated activity and can be handled by a designated professional body. This is because such a complaint15will be handled by the relevant professional body.10 12 12 12 15 15 15 1
3 MCOB 1.2.10 R 16 16 provides that MCOB does not apply to an authorised professional firm with respect to its non-mainstream regulated activities except for MCOB 2.2 (Clear, fair and not misleading communication), MCOB 3 (Financial promotion) and to a limited extent MCOB 4.4 (Initial disclosure requirements).
4 CASS 1.2.4 R provides that with the exception of CASS 1 and the insurance client money chapter, CASS12 does12 not apply to authorised professional firms when carrying on non-mainstream regulated activities. CASS 1.2.5 R further provides that if the non-mainstream regulated activities are insurance mediation activity, CASS 5 (the insurance client money chapter)12 does not apply to an authorised professional firm, if the firm's designated professional body has rules applicable to the firm which implement the Insurance Mediation Directive12 and which are in the form approved by the FSA under section 332(5) of the Act.412 12
- (a) 13
- (b) 13
- (c) 13
provisions13 in ICOBS13which implement articles 12 and 13 of the Insurance Mediation Directive12 (ICOBS 4.1 and ICOBS 5.2.3 R)13, except to the extent that the firm is subject to equivalent rules of its designated professional body which have been approved by the FSA.13131312