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  1. Point in time
    2006-07-07

SIFA 6.4 Scope of Permission

SIFA 6.4.1G

Following a successful application, we will grant a Part IV permission to the firm. The scope of your firm's permission is set out in a Scope of Permission Notice that defines the scope in terms of regulated activities, together with any limitations on customer type or product and any other requirements or restrictions.

Typical investment business regulated activities for investment intermediaries are:

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Arranging deals in investments.

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Making arrangements with a view to transactions in investments.

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Advising on investments.

Providing basic advice on stakeholder products is a separate regulated activity. This does not prevent a person from selling stakeholder products in other circumstances provided he has the relevant permission, for example, by giving full advice in a way that amounts to advising on investments.

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Advising on pension transfers and opt-outs.

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Agreeing to carry on most regulated activities is itself a regulated activity (you will need to make sure that you have appropriate permission at the stage of agreement and before you actually carry on the underlying activity such as arranging or advising).
SIFA 6.4.2G

Your permission will specify the regulated activities and the investments where you can do business with private customers. A permission may also include one or more limitations or requirements - for example, not holding client money.

SIFA 6.4.3G

You are responsible on a continuing basis for ensuring that your firm holds the correct permission that includes the regulated activities that you wish to carry out. If you hold permission for activities you do not carry out you may pay higher fees than necessary.

SIFA 6.4.4G

To carry on mortgage or general insurance business you must have the correct permission to do these types of business. For example, you will need to vary your Part IV permission to include permission to carry on general insurance if you sell, advise on, arrange, deal as agent in or assist in administering and carrying out term assurance or other types of insurance such as home contents, motor or mortgage protection. You can vary your permission by completing our standard variation of permission form. This is available on our website through Firms Online.