Related provisions for PERG 6.6.4
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There are other pre-contract information requirements outside this chapter, including:(1) for financial promotions, inthe financial promotion rules;55(2) for designated investment business, inCOBS 8 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information)5 and CASS (Client assets);5(3) for non-investment insurance contracts3, distance communication requirements
For the purposes of article 53 of the Regulated Activities Order, a security or relevant investment is any one of the following:(1) shares;(2) debentures;(3) government and public securities;(4) warrants;(5) certificates representing certain securities;(6) units in collective investment schemes;(7) stakeholder pension schemes or personal pension schemes1;(8) options;(9) futures;(10) contracts for differences;(11) contracts of insurance;(12) funeral plan contracts;(13) rights to
The exclusions in Articles 29 and 33 of the Regulated Activities Order are not available where the investment is a contract of insurance. However, certain other exclusions do apply. This results from implementation of the requirements of the Insurance Mediation Directive and is explained in more detail in PERG 5.6 (The regulated activities: arranging deals in, and making arrangements with a view to transactions in, contracts of insurance).
(1) Some of the controlled functions, as set out in SUP 10.4.1 R, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10.1.16 R). These are the governing functions and the customer function5. As explained in SUP 10.1.16A R and SUP 10.3.2 G respectively:255(a) the effect of SUP 10.1.16 R is that the directors (or their equivalent) and senior managers (or their equivalent) of an appointed representative,
1This chapter applies to a firm (including in its capacity as trustee under CASS 5.4) in respect of any written authority from a client under which the firm may control a client's assets or liabilities in the course of, or in connection with, the firm's:(1) designated investment business (including MiFID business); and(2) insurance mediation activity, except where it relates to a reinsurance contract.
The various exemptions in the Financial Promotion Order are split into three categories:(1) exemptions applicable to all controlled activities (Part IV of the Order);(2) exemptions applicable only to controlled activities concerning deposits and contracts of insurance other than life policies (Part V of the Order); and(3) exemptions applicable to any other types of controlled activity (Part VI of the Order).
GEN 4.3.1 R (Disclosure in letters to retail clients4) does not apply in relation to:4(1) general insurance business if:(a) the State of the risk is an EEA State other than the United Kingdom; or(b) the State of the risk is outside the EEA and the client is not in the United Kingdom when the contract of insurance is entered into; or(2) long-term insurance business if:(a) the client is habitually resident in an EEA State other than the United Kingdom; or(b) the client is habitually
Under section 397 of the Act (Misleading statements and practices), it is an offence, in purported compliance with a requirement imposed by or under the Act (including the directions in SUP 6.4.5 D), for a person to knowingly or recklessly give the FSA information that is false or misleading. If necessary, a firm should take appropriate professional advice when supplying information required by the FSA. An insurer, for example, may ask an actuary to check assumptions in respect
Controlled activity and controlled investment are defined in Schedule 1 to the Financial Promotion Order and are listed in PERG 8.36.3 G and PERG 8.36.4 G. Broadly speaking, controlled activities and controlled investments are similar to regulated activities and specified investments under the Regulated Activities Order. However, with controlled activities, the exclusions set out in the Regulated Activities Order do not, in most cases, apply. It is important to note, however,
Regulation 11 (Automatic cancellation of an attached distance contract) of the Distance Marketing Regulations, has the effect that when notice of cancellation is given in relation to a contract, that notice also operates to cancel any attached contract, which is also a distance financial services contract. An example of such an attached contract might be a distance non-investment insurance contract.