Related provisions for SUP 12.2.10
1 - 20 of 32 items.
(1) A representative is an individual who is appointed by a firm or an appointed representative, to carry on any of the activities in (1)(a) to (c):54(a) advising on investments;5(b) arranging (bringing about) deals in investments;5(c) dealing in investments as agent.5(2) If a firm appoints an appointed representative who is an individual in (1), that appointed representative will also be a representative. The individual may need to be approved to perform the investment adviser
The rules and guidance in TC extend to any employee of the firm in respect of whom the relevant rules apply. For these purposes, an employee of a firm includes: (1) an individual who is an appointed representative of a firm; and(2) an individual who is employed or appointed by an appointed representative of a firm (whether under a contract of service or for services) in connection with the business of the appointed representative for which the firm has accepted responsibilit
The chapter also sets out the FSA'srules, and guidance on these rules, that apply to a firm before it appoints, when it appoints and when it has appointed an appointed representative. The main purpose of these rules is to place responsibility on a firm for seeking to ensure that: (1) its appointed representatives are fit and proper to deal with clients in its name; and (2) clients dealing with its appointed representatives are afforded the same level of protection as if they had
A firm must ensure that its written contract with each of its appointed representatives:4(1) complies with the requirements prescribed in regulation 3 of the Appointed Representatives Regulations (see SUP 12.5.2 G);4(2) requires the appointed representative to comply, and to ensure that any persons who provide services to the appointed representative under a contract of services or a contract for service comply, with the relevant requirements in or under the Act (including the
(1) If the appointed representative is appointed to give advice on investments to private customers concerning packaged products, the firm should also satisfy itself that:(a) the contract requires compliance with the rules in COB 5.1 (Advising of packaged products)3; and(b) if the firm is a provider firm, the contract prevents the appointed representative from giving advice on investments to a private customer concerning the purchase of a packaged product which is not issued by
4(1) The effect of SUP 12.5.6A R (1)(a) is that, in relation to designated investment business with private customers, appointed representatives are restricted to one principal.4(2) The effect of SUP 12.5.6A R (1)(b) and SUP 12.5.6A R (1)(c) is that, in relation to regulated mortgage activities with customer, appointed representatives are restricted to having two principals: one for regulated mortgage contracts and one for lifetime mortgages4
The firm should also satisfy itself that:(1) the appointed representative is making and retaining records in accordance with the relevant record keeping rules in the Handbook, if these records are not maintained by the firm;(2) the appointed representative (other than an introducer appointed representative) is making and retaining records sufficient to disclose with reasonable accuracy the financial position of the business it carries on in its capacity as the firm's appointed
Firms are reminded that they should make and retain records in relation to any person who falls within the scope of the rules in TC or who performs a controlled function under an arrangement entered into by a firm or by an appointed representative. See SUP 10 and TC for the applicable record keeping rules.
(1) A firm must, on a regular basis, and at reasonable
intervals, ensure that it holds in its client
bank account an amount which (in addition to any other amount
which it is required by these rules to
hold) is not less than the amount which it reasonably estimates to be the
aggregate of the amounts held at any time by its appointed
representatives, field representatives,
and other agents.(2) A firm must, not later than ten business days following the expiry of each
period in
(1) A firm which appoints an appointed representative must complete and submit to the FSA the form in SUP 12 Annex 3 (Appointed representative appointment form) in accordance with the instructions on the form and not more than ten business days after the date the appointment takes effect.3(a) if the appointment covers insurance mediation activities and the appointed representative is not included on the Register as carrying on such activities in another capacity before (see SUP
In assessing whether to terminate a relationship with an appointed representative, a firm should be aware that the notification rules in SUP 15 require notification to be made immediately to the FSA if certain events occur. Examples include a matter having a serious regulatory impact or involving an offence or a breach of any requirement imposed by the Act or by regulations or orders made under the Act by the Treasury.
In determining whether a firm has complied with any provision in or under the Act such as any Principle or other rule, anything that an appointed representative has done or omitted to do as respects the business for which the firm has accepted responsibility will be treated as having been done or omitted to be done by the firm (section 39(4) of the Act ).
1The purpose of the rules and guidance in this section is to ensure that, in addition to the notifications made under SUP 12.7 (Appointed representatives; notification requirements), the FSA receives regular and comprehensive information about the appointed representatives engaged by a firm, so that the FSA is in a better position to pursue the regulatory objective of the protection of consumers.3