Related provisions for TC 2.2A.2
21 - 40 of 126 items.
A firm should ensure that the systems and controls include:1(1) appropriate training for its employees in relation to money laundering;(2) appropriate provision of information to its governing body and senior management, including a report at least annually by that firm'smoney laundering reporting officer (MLRO) on the operation and effectiveness of those systems and controls;(3) appropriate documentation of its risk management policies and risk profile in relation to money laundering,
A firm (with the exception of a sole trader who has no employees)21 must:12(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.
2If a firm requires employees who are not subject to a qualification 7 requirement in TC7 to pass a relevant examination from the list of recommended examinations maintained by the Financial Skills Partnership7, the appropriate regulator will take that into account when assessing whether the firm has ensured that the employee satisfies the knowledge component of the competent employees rule.777
The appropriate regulator uses various methods of information gathering on its own initiative which require the cooperation of firms:55(1) Visits may be made by representatives or appointees of the appropriate regulator. These visits may be made on a regular basis, on a sample basis, for special purposes such as theme visits (looking at a particular issue across a range of firms), or when the appropriate regulator has a particular reason for visiting a firm. Appointees of the
In complying with Principle 11, the appropriate regulator considers that a firm should take reasonable steps to ensure that the following persons act in the manner set out in SUP 2.3.3 G: (1) its employees, agents and appointed representatives; and(2) any other members of its group, and their employees and agents.(See also, in respect of appointed representatives, SUP 12.5.3 G (2)).
(1) A credit union must not make a loan to: (a) one of its officers or approved persons on terms more favourable than those available to other members of the credit union unless: (i) that person is a paid employee (other than a director) of the credit union; and (ii) the registered rules of the credit union provide explicitly for the making of loans to paid employees on such terms; (b) (in the case of a Great Britain credit union) 1a relative of, or any person otherwise connected
(1) To prevent conflicts of interest, a credit union should have clear arrangements for dealing with loans to the persons specified in CREDS 7.2.7 R.(2) In relation to staff, the prohibition in CREDS 7.2.7 R applies only to those who are officers or approved persons.(3) "Connected" in CREDS 7.2.7 R includes any close business or personal relationship.
The purpose of ICOBS 8.4 is to assist individuals with claims arising out of their course of employment in the United Kingdom for employers carrying on, or who carried on, business in the United Kingdom, to identify an insurer or insurers that provided employers' liability insurance (other than certain co-insurance and excess cover arrangements)2 by requiring insurers to produce an employers’ liability register and to conduct effective searches for historical policies3. In particular
(1) A firm carrying out contracts of insurance, or a managing agent managing insurance business, including in either case business accepted under reinsurance to close, which includes United Kingdom commercial lines employers' liability insurance, must:(a) produce an employers’ liability register complying with the requirements in (2) and ICOBS 8 Annex 1;(b) obtain and submit to the FCA2 a written statement, by a director of the firm responsible for the production of the employers’
(1) 3Where a firm has established that a historical policy does exist, the response should confirm what cover was provided and set out any available information that is relevant to the request received.(2) Where there is evidence to suggest that a historical policy does exist, but the firm is unable to confirm what cover was provided, the response should set out any information relevant to the request and describe the next steps (if any) the firm will take to continue the search.
The following factors may be relevant
to determining the appropriate length of the period of suspension or restriction
to be imposed on a person under
the Act:(1) DeterrenceWhen determining
the appropriate length of the period of suspension or restriction, the FCA2 will
have regard to the principal purpose for which it imposes sanctions, namely
to promote high standards of regulatory and/or market conduct by deterring persons who have committed breaches from
committing further
The FCA2 may delay the commencement of the period of suspension or restriction.
In deciding whether this is appropriate, the FCA2 will take into account all the circumstances of a case. Considerations
that may be relevant in respect of an authorised
person, sponsor or primary
information provider2 include:22(1) the impact of the suspension or
restriction on consumers;(2) any practical measures the authorised person, sponsor or primary information provider2 needs to take before
The contract of professional indemnity insurance must incorporate terms which make provision for:(1) cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives (acting within the scope of their appointment);(2) the minimum limits of indemnity per year set out in this section;(3) an excess as set out in this section;(4) appropriate cover in respect of legal defence costs;(5) continuous cover in
2If a firm requires employees who are not subject to a qualification7 requirement in TC to pass a relevant examination from the list of recommended examinations maintained by the Financial Skills Partnership7, the appropriate regulator will take that into account when assessing whether the firm has ensured that the employee satisfies the knowledge component of the competent employees rule.777
(1) 4Twice a year a firm must provide the
FCA
with a complete report concerning complaints received from eligible complainants about matters relating to the retail investment activities carried out by its retail investment advisers. The report must be set out in the format in DISP 1 Annex 1C R. (2) DISP 1 Annex 1C R requires (for the relevant reporting period) information about:(a) the total number of complaints received by the firm about matters relating tothe retail investment
For the purpose of DISP 1.10.2 R and DISP 1.10.2A R,4 when completing the return, the firm should take into account the following matters.(1) If a complaint could fall into more than one category, the complaint should be recorded in the category which the firm considers to form the main part of the complaint.(2) Under DISP 1.10.2R (3)(a), a firm should report any complaint to which it has given a response 1which upholds the complaint, even if any redress offered is disputed by
(1) If the FCA considers that a natural or legal
person ('P') who has notified the FCA of his intention to use either
the market maker exemption or
the authorised primary dealer exemption does
not satisfy the criteria to use the market
maker exemption or the authorised
primary dealer exemption, the FCA will send a letter to P setting
out the reasons why it is minded to prohibit P from using the market maker exemption or the authorised primary dealer exemption.(2) P will be given
If P is not satisfied with the FCA's decision to prohibit P's use of
the market maker exemption or
the authorised primary dealer exemption,
P may seek a review of the decision. This will be conducted by a group of
at least three senior FCA staff. None of the group conducting
the review will have been connected with the earlier decision taken in respect
of P's use of the market maker exemption or
the authorised primary dealer exemption.
The review may take place after the expiry
The exposure of a firm to operational risk may increase during times of significant change to its organisation, infrastructure and business operating environment (for example, following a corporate restructure or changes in regulatory requirements). Before, during, and after expected changes, a firm should assess and monitor their effect on its risk profile, including with regard to:(1) untrained or de-motivated employees or a significant loss of employees during the period of
A firm should establish and maintain appropriate systems and controls for the management of the risks involved in expected changes, such as by ensuring:(1) the adequacy of its organisation and reporting structure for managing the change (including the adequacy of senior management oversight);(2) the adequacy of the management processes and systems for managing the change (including planning, approval, implementation and review processes); and(3) the adequacy of its strategy
Text of article 2.3 of the Insurance Mediation Directive"'Insurance mediation' means the activities of introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim.These activities when undertaken by an insurance undertaking or an employee of an insurance undertaking who is acting under the
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
Overseas firm (other than an incoming EEA firm) |
|||
TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom and TC also applies insofar as an activity is carried on from an establishment maintained by the firm (or its appointed representative or, where applicable, its tied agent) in, and within the territory of, another EEA State |
TC does not apply |
TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom |
|
TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom and TC also applies in respect of employees who engage in or oversee activities from a branch established in another EEA state |
TC does not apply |
TC does not apply |
|
TC applies if the customer is resident in the United Kingdom at the time the regulated mortgage activity or reversion activity is carried on and TC also applies if the customer is resident in another EEA State (at the time that the activity is carried on) but only if the activity is carried on from an establishment maintained by the firm or its appointed representative in the United Kingdom |
Same as for UK domestic firm |
Same as for UK domestic firm |
|
Any other activity in Appendix 1 |
TC applies in respect of employees who carry on these activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom and TC also applies in respect of employees who carry on activities with or for a client in the United Kingdom |
TC applies in respect of its employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom |
TC applies in respect of its employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom |
(1) The purposes of this chapter are:(a) to remind firms of the provisions of PIDA; and(b) to encourage firms to consider adopting and communicating to workers appropriate internal procedures for handling workers' concerns as part of an effective risk management system.(2) In this chapter "worker" includes, but is not limited to, an individual who has entered into a contract of employment.
In this chapter, the following interpretations of risk management terms apply:(1) a firm's risk culture encompasses the general awareness, attitude and behaviour of its employees and appointed representatives or, where applicable, its tied agents,1to risk and the management of risk within the organisation;(2) operational exposure means the degree of operational risk faced by a firm and is usually expressed in terms of the likelihood and impact of a particular type of operational
FIT applies to:(1) a firm;(2) an applicant for Part 4A permission;(3) and EEA firm, a Treaty firm or a UCITS qualifier that wishes to establish a branch into the United Kingdom using EEA rights, Treaty rights or UCITS directive rights (see SUP 10.1.12 G9SUP 10A.1.10 G and SUP 10B.1.10 G9 and SUP 10.1.13 R9SUP 10A.1.11 R and SUP 10B.1.11 R9), or apply for a top-up permission (see SUP 10.1.14 R9SUP 10A.1.13 RSUP 10B.1.12 R9);(4) an approved person; and(5) a candidate.
1A firm must make appropriate records to demonstrate compliance with the rules in this sourcebook and keep them for the following periods after an employee stops carrying on the activity:(1) at least 5 years for MiFID business;(2) 3 years for non-MiFID business; and(3) indefinitely for a pension transfer specialist.