Related provisions for CASS 5.5.27

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SUP 12.4.5CRP
1

Multiple principal agreement

Matter

Explanation

1.

Scope of appointment

The scope of appointment given by each principal to the appointed representative.

2.

Complaints handling

The identity of the principal which will be the point of contact for a complaint from a client (referred to as the "lead-principal" in SUP 12.4.5D G to SUP 12.4.5E G).

An agreement that each principal will co-operate with each other principal in resolving a complaint from a client in relation to the appointed representative's conduct.

The arrangements for complaints handling, including arrangements for resolving disputes between the principals in relation to their liability to a client in respect of a complaint and arrangements for dealing with referrals to the Financial Ombudsman Service.

3.

Financial promotions

The arrangements for approving financial promotion.

4.

Control and monitoring

The arrangements for the control and monitoring of the activities of the appointed representative (see in particular SUP 12.6.6 R (Regulated activities and investment services outside the scope of appointment) and SUP 12.6.7 G (Senior management responsibility for appointed representatives)).

5.

Approved person status

The arrangements for making applications for approved person status (see SUP 10 (Approved persons)).

6.

Training and competence

The arrangements for training and competence (see TC).

7.

Co-operation

The arrangements for co-operation over any other issues which may arise from the multiple appointments, including issues which may damage the interests of clients dealing with the appointed representative and administrative issues.

An agreement by each principal to take reasonable steps to ensure that it does not cause the appointed representative or any of its other principals to be in breach of their obligations to each other or under the regulatory system.

8.

Sharing information

The arrangements for sharing information on matters relevant to the matters covered under the multiple principal agreement and each principal's obligations under SUP 12.6 (Continuing obligations of firms with appointed representatives).

An agreement that each principal will notify each other principal of any information which is materially relevant to the multiple principal agreement.
SUP 12.4.5DGRP
1One effect of the multiple principal agreement is to introduce a 'lead-principal' concept in relation to complaints handling for the benefit of the client. For example, where the client has been given advice by an appointed representative who has two principals, and the advice could have led to a transaction being arranged with either principal, the client will know that he may pursue his complaint with (but not necessarily against) one of the principals. Whether he later decides
PERG 8.28.4GRP
In the FSA's opinion, however, such information may take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. For example:(1) a person may offer to provide information on directors’ dealings on the basis that, in his opinion, were directors to buy or sell investors would do well to follow suit;(2) a person may offer to tell a client when certain shares reach a certain value (which would be advice if the person providing the
MAR 4.1.2GRP
MAR 4.1.1 R applies regardless of whether the firm's activity:(1) is a regulated activity;(2) is carried on from an office of the firm in the United Kingdom; or(3) is in respect of a client in the United Kingdom.
SUP 9.4.4GRP
Rights conferred on third parties (such as a firm'sclients) cannot be affected by guidance given by the FSA. Guidance on rules, the Act or other legislation represents the FSA's view, and does not bind the courts, for example in relation to an action for damages brought by a private person for breach of a rule (section 150 of the Act (Actions for damages)) or in relation to enforceability of a contract if the general prohibition is breached (sections 26 and 27 of the Act (Enforceability
REC 3.23.1RRP
Where a UK recognised body decides to put a member into default, it must immediately give notice of that event, and give the following information to the FSA, at the same time as that decision is communicated to that member or to any other member (or group or class of them) of that body: (1) the name of the member and (where relevant) the class of membership; (2) the reasons for that decision; and(3) the names of any other exchange or clearing house on which, to the best of that
COLL 6.2.2GRP
(1) This section helps in achieving the regulatory objective of securing an appropriate degree of protection for consumers. In accordance with Principle 6, this section is also concerned with ensuring the authorised fund manager pays due regard to its clients' interests and treats them fairly.(2) An authorised fund manager is responsible for arranging for the issue and the cancellation of units for the authorised fund, and is permitted to sell and redeemunits for its own account.
COLL 6.2.9GRP
(1) As the authorised fund manager normally controls the issue, cancellation, sale and redemption of an authorised fund'sunits, it occupies a position that could, without appropriate systems and controls, involve a conflict of interest between itself and its clients.(2) SYSC 3.1.1 R (Systems and controls) requires that a firm take reasonable care to establish and maintain such systems and controls as are appropriate to its business and Principle 8 requires a firm to manage conflicts
MAR 1.3.10ERP
In the opinion of the FSA , the following factors are to be taken into account in determining whether or not a person's behaviour is in pursuit of legitimate business, and are indications that it is:(1) the extent to which the relevant trading by the person is carried out in order to hedge a risk, and in particular the extent to which it neutralises and responds to a risk arising out of the person's legitimate business; or(2) whether, in the case of a transaction
MAR 1.3.15ERP
In the opinion of the FSA , the following factors are to be taken into account in determining whether or not a person's behaviour is dutiful execution of an order on behalf of another, and are indications that it is:(1) whether the person has complied with the applicable provisions of COB or MAR 3, or their equivalents in the relevant jurisdiction; or(2) whether the person has agreed with its client it will act in a particular way when carrying
PERG 8.14.9GRP
In the FSA's view, a person such as an investment manager or adviser is not conducting an organised marketing campaign purely because he regularly provides a particular client with financial promotions as part of his service. Neither is such a person conducting an organised marketing campaign purely because he may have several clients whose personal circumstances and objectives may suggest that a particular investment opportunity may attract them. If he considers the individual
PERG 8.14.34GRP
However, persons are not to be regarded as having a common interest with each other and a company simply because:(1) they would have such an interest if they became its members or creditors; or(2) they all carry on a particular trade or profession; or(3) they have an existing business relationship with the company whether by being it clients, customers, contractors, suppliers or otherwise.
SUP 17.4.3RRP
An investment management firm or a personal investment firm need not make a transaction report to the FSA if: (1) the reportable transaction is transacted on a regulated market and the firm:(a) reports the reportable transaction to that regulated market; or(b) satisfies itself that it will be so reported; or(2) the firm is the seller, or is acting on behalf of the seller, and the counterparty for that transaction is another firm; or(3) the firm has reasonable grounds to believe