DISC 8.1 General

A firm which is an unauthorised person must, in relation to all elements of its business relating to activities within the scope of DISC: 

1. (1) act with integrity;
2. (2) act with due skill, care, and diligence;
3. (3) take reasonable care to organise its affairs responsibly and effectively, with adequate risk management systems;
4. (4) arrange adequate protection for the assets of retail investors when it is responsible for them; and
5. (5) deal with the FCA in an open and cooperative way, and disclose to the FCA appropriately anything relating to itself and its activities of which the FCA would reasonably expect notice.

1. (1) The requirements set out in DISC 8.1.2R do not apply to the operator of a recognised scheme with respect to the operation of the scheme.
2. (2) Where the unauthorised person is a closed-ended investment fund which is a listed company, compliance with the listing principles in UKLR 2.2.1R, where they apply, will substitute compliance with DISC 8.1.2R.