Related provisions for MIPRU 3.2.11

MIPRU 3.2.1R01/11/2007

A firm must take out and maintain professional indemnity insurance that is at least equal to the requirements of this section from:(1) an insurance undertaking authorised to transact professional indemnity insurance in the EEA; or(2) a person of equivalent status in:(i) a Zone A country; or(ii) the Channel Islands, Gibraltar, Bermuda or the Isle of Man.[Note: Article 4(3) of the Insurance Mediation Directive2]2

MIPRU 3.2.2G01/04/2013

The minimum limits of indemnity for a firm whose Part 4A permission covers both insurance mediation activity and home finance mediation activity1is the higher of the limits of indemnity for these activities. If the firm opts for a single comparable guarantee to finance the claims which might arise as a result of both activities, the requirements for insurance mediation activity apply.1

MIPRU 3.2.3G01/01/2007

A non-EEA firm (such as a captive insurance company outside the EEA) will be able to provide professional indemnity insurance only if it is authorised to do so in one of the specified countries or territories.. The purpose of this provision is to balance the level of protection required for the policyholder against a reasonable level of flexibility for the firm.

MIPRU 3.2.4R01/04/2013

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

MIPRU 3.2.7R01/03/2009

If the firm is an insurance intermediary, then the minimum limits of indemnityare:(1) for a single claim, €1,120,200 3; and3(2) in aggregate, €1,680,3003 or, if higher, 10% of annual income up to £30 million.3[Note: Article 4(3) of the Insurance Mediation Directive2]2

MIPRU 3.2.7AG01/03/2009

3Article 4(7) of the Insurance Mediation Directive requires the limits of indemnity to be reviewed every five years to take into account movements in European consumer prices. These limits will therefore be subject to further adjustments on the basis of index movements advised by the European Commission.

MIPRU 3.2.8R01/01/2007

If a policy is denominated in any currency other than euros, a firm must take reasonable steps to ensure that the limits of indemnity are, when the policy is effected and at renewal, at least equivalent to those required.

MIPRU 3.2.9R06/04/2007

If the firm is a home finance intermediary,1 then the minimum limit of indemnity is the higher of 10% of annual income up to £1 million, and:1(1) for a single claim, £100,000; or(2) in aggregate, £500,000.

MIPRU 3.2.12R01/01/2007

For a firm which holds client money or other client assets, the excess must not be more than the higher of:(1) £5,000; and(2) 3% of annual income.

MIPRU 3.2.13R01/01/2007

If a policy provides cover to more than one firm, then:(1) the limits of indemnity must be calculated on the combined annual income of all the firms named in the policy; and(2) each firm named in the policy must have the benefit of the relevant minimum limits of indemnity.

MIPRU 3.2.14R01/01/2007

If a firm seeks to have an excess which is higher than the relevant limit, it must hold additional capital as calculated in accordance with the appropriate table below:

Table: Calculation of additional capital for firm not holding client money or other client assets (£000's)

Income		Excess obtained up to and including:
More than	Up to	2.5	5	10	15	20	25	30	40	50	75	100	150	200+
0	100	0	5	9	12	14	17	19	23	26	33	39	50	59
100	200	0	7	12	16	19	22	25	30	34	43	51	64	75
200	300	0	7	12	16	20	24	27	32	37	47	56	71	84
300	400	0	0	12	16	21	24	28	34	39	50	60	77	91
400	500	0	0	11	16	21	24	28	34	40	53	63	81	96
500	600	0	0	10	16	20	24	28	35	41	54	65	84	100
600	700	0	0	0	15	20	24	28	35	41	55	67	87	104
700	800	0	0	0	14	19	24	28	35	42	56	68	89	107
800	900	0	0	0	13	18	23	27	35	42	56	69	91	109
900	1,000	0	0	0	0	17	22	27	34	41	57	70	92	111
1,000	1,500	0	0	0	0	0	21	26	34	41	57	71	97	118
1,500	2,000	0	0	0	0	0	0	0	30	38	56	71	98	121
2,000	2,500	0	0	0	0	0	0	0	24	33	53	69	99	126
2,500	3,000	0	0	0	0	0	0	0	0	28	50	68	101	130
3,000	3,500	0	0	0	0	0	0	0	0	0	47	67	101	132
3,500	4,000	0	0	0	0	0	0	0	0	0	43	65	101	133
4,000	4,500	0	0	0	0	0	0	0	0	0	39	62	101	134
4,500	5,000	0	0	0	0	0	0	0	0	0	0	58	99	134
5,000	6,000	0	0	0	0	0	0	0	0	0	0	54	97	133
6,000	7,000	0	0	0	0	0	0	0	0	0	0	0	91	131
7,000	8,000	0	0	0	0	0	0	0	0	0	0	0	84	126
8,000	9,000	0	0	0	0	0	0	0	0	0	0	0	75	120
9,000	10,000	0	0	0	0	0	0	0	0	0	0	0	0	113
10,000	100,000	0	0	0	0	0	0	0	0	0	0	0	0	0
100,000	n/a	0	0	0	0	0	0	0	0	0	0	0	0	0

Table: Calculation of additional capital for firm holding client money or other client assets (£000's)

Income		Excess obtained up to and including:
More than	Up to	5	10	15	20	25	30	40	50	75	100	150	200+
0	100	0	4	7	9	12	14	18	21	28	34	45	54
100	200	0	7	11	14	17	20	25	29	38	46	59	70
200	300	0	7	11	14	17	20	25	30	40	49	64	77
300	400	0	0	9	13	16	19	25	30	40	50	67	81
400	500	0	0	0	11	14	18	24	29	40	51	68	83
500	600	0	0	0	8	12	15	22	28	40	51	69	85
600	700	0	0	0	0	9	13	20	26	39	50	69	86
700	800	0	0	0	0	6	10	17	24	38	49	69	87
800	900	0	0	0	0	0	7	15	22	36	48	69	87
900	1,000	0	0	0	0	0	0	12	19	34	47	68	87
1,000	1,500	0	0	0	0	0	0	0	16	32	45	67	86
1,500	2,000	0	0	0	0	0	0	0	0	18	34	59	81
2,000	2,500	0	0	0	0	0	0	0	0	0	19	48	71
2,500	3,000	0	0	0	0	0	0	0	0	0	6	37	64
3,000	3,500	0	0	0	0	0	0	0	0	0	0	26	55
3,500	4,000	0	0	0	0	0	0	0	0	0	0	14	45
4,000	4,500	0	0	0	0	0	0	0	0	0	0	1	33
4,500	5,000	0	0	0	0	0	0	0	0	0	0	0	21
5,000	6,000	0	0	0	0	0	0	0	0	0	0	0	8
6,000	7,000	0	0	0	0	0	0	0	0	0	0	0	0
7,000	8,000	0	0	0	0	0	0	0	0	0	0	0	0
8,000	9,000	0	0	0	0	0	0	0	0	0	0	0	0
9,000	10,000	0	0	0	0	0	0	0	0	0	0	0	0
10,000	100,000	0	0	0	0	0	0	0	0	0	0	0	0
100,000	n/a	0	0	0	0	0	0	0	0	0	0	0	0

MIPRU 3.1.1R01/04/2013

2This chapter applies to a firm with Part 4A permission to carry on any of the activities:(1) insurance mediation activity;(2) home finance mediation activity;1unless any of the following exemptions apply:1(3) in relation to insurance mediation activity, this chapter does not apply to a firm if another authorised person which has net tangible assets of more than £10 million provides a comparable guarantee; for this purpose:(a) if the firm is a member of a group in which there

MIPRU 3.1.3G01/04/2013

The purposes of this chapter are to:(1) implement article 4.3 of the Insurance Mediation Directive in so far as it requires insurance intermediaries to hold professional indemnity insurance, or some other comparable guarantee, against any liability that might arise from professional negligence; and(2) meet the statutory objectives12 of consumer protection and protecting and enhancing the integrity of the UK financial system12 by ensuring that firms have adequate resources to protect

MIPRU 3.1.4G01/04/2013

Any breach in the duty of a firm or of its agents under the regulatory system or civil law can give rise to claims being made against the firm. Professional indemnity insurance has an important role to play in helping to finance such claims. In so doing, this chapter amplifies threshold condition 4 (Adequate resources). This threshold condition provides that a firm must have, on a continuing basis, resources that are, in the opinion of the appropriate regulator, adequate in relation

MIPRU 3.1.6G01/01/2007

Although financial resources and appropriate systems and controls can generally mitigate operational risk, professional indemnity insurance has a role in mitigating the risks a firm faces in its day to day operations, including those arising from not meeting the legally required standard of care when advising on investments. The purpose of this chapter is to ensure that a firm has in place the type, and level, of professional indemnity insurance necessary to mitigate these ri

SUP 16.12.22AR01/01/2014

2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:

45Description ofData item	Firms' prudential category and applicable data item (note 1)
	IFPRU	BIPRU firm	Exempt CAD firmssubject toIPRU(INV)Chapter 13	Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13	Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13
Annual report and accounts	No standard format		No standard format
Annual report and accounts of the mixed-activity holding company (note 10)	No standard format
Solvency statement	No standard format (note 11)
Balance Sheet	FSA001/FINREP (Notes 2 and 29)	FSA001 (Note 2)	FSA029	Section A RMAR
Income Statement	FSA002/FINREP (Notes 2 and 29)	FSA002 (Note 2)	FSA030	Section B RMAR
Capital Adequacy	COREP (Note 29)	FSA003 (Note 2)	FSA032	Section D6 RMAR (Note 23)
Credit risk	COREP (Note 29)	FSA004 (Notes 2, 3)
Market risk	COREP (Note 29)	FSA005 (Notes 2, 4)
Market risk - supplementary	FSA006 (note 5)	FSA006 (Note 5)
Operational risk	COREP (Note 29)
Large exposures	COREP (Note 29)
Exposures between core UK group and non-core large exposures group	FSA018 (note 12)
Solo consolidation data	FSA016	FSA016
Pillar 2 questionnaire	FSA019 (note 8)	FSA019 (Note 8)
Non-EEA sub-group	COREP (Note 29)	FSA028 (Note 9)
Professional indemnity insurance (note 15)	Section E RMAR	Section E RMAR		Section E RMAR	Section E RMAR
Threshold Conditions			Section F RMAR	Section F RMAR
Training and Competence	Section G RMAR	Section G RMAR	Section G RMAR	Section G RMAR	Section G RMAR
COBS data	Section H RMAR	Section H RMAR	Section H RMAR	Section H RMAR	Section H RMAR
Client money and client assets	Section C RMAR	Section C RMAR	Section C RMAR	Section C RMAR
Fees and levies	Section J RMAR	Section J RMAR	Section J RMAR	Section J RMAR
Adviser charges	Section K RMAR (Note 26)	Section K RMAR (Note 26)	Section K RMAR (Note 26)	Section K RMAR (Note 26)	Section K RMAR (Note 26)
Consultancy charges	Section L RMAR (Note 27)	Section L RMAR (Note 27)	Section L RMAR (Note 27)	Section L RMAR (Note 27)	Section L RMAR (Note 27)
IRB portfolio risk	FSA045 (note 13)	FSA045 (Note 13)
Securitisation: non-trading book	COREP (note 29)	FSA046 (Note 14)
Daily Flows	FSA047/COREP (Notes 16, 19, 21, 24 and 29)
Enhanced Mismatch Report	FSA048/COREP (Notes 16, 19, 21, 24 and 29)
Liquidity Buffer Qualifying Securities	FSA050/COREP (Notes 17, 20, 21, 24 and 29)
Funding Concentration	FSA051/COREP (Notes 17, 20, 21, 24 and 29)
Pricing data	FSA052/COREP (Notes 17, 20, 21, 24 and 29)
Retail and corporate funding	FSA053/COREP (Notes 17, 20, 21, 24 and 29)
Currency Analysis	FSA054/COREP (Notes 17, 20, 21, 24 and 29)
Systems and Controls Questionnaire	FSA055/COREP (Notes 18, 24 and 29)	FSA055 (Notes 18 and 24)
Securitisation: trading book	COREP (Note 29)	FSA058 (Note 22)
Supplementary capital data for collective portfolio management investment firms	FIN067 (Note 28)	FIN068 (Note 28)
Note 1	When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24 R, or SUP 16 Annex 18A R in the case of the RMAR. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G, or SUP 16 Annex 18B G in the case of the RMAR.
Note 2	Firms that are members of a UK consolidation group are also required to submit this report on a UK consolidation group basis.
Note 3	This applies to a firm that is required to submit data item FSA003 and, at any tinewithin the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA004 ("Firm A") or not reporting this item ("Firm B"). In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded. In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded. The threshold is exceeded where data element 77A in data item FSA003 is greater than £10 million, or its currency equivalent, at the relevant reporting date for the firm.
Note 4	This applies to a firm that is required to submit data item FSA003 and, at any time within the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA005 ("Firm A") or not reporting this item ("Firm B"). In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded. In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded. The threshold is exceeded where data element 93A in data item FSA003 is greater than £50 million, or its currency equivalent, at the relevant reporting date for the firm.
Note 5	Only applicable to firms with a VaR model permission.
Note 6	[deleted]
Note 7	[deleted]
Note 8	Only applicable to IFPRU investment firms and BIPRU firms that: (a) are subject to consolidated supervision under BIPRU 8, except those that are either included within the consolidated supervision of a group that includes a UK credit institution, or that have been granted an investment firm consolidation waiver; or (b) have been granted an investment firm consolidation waiver; or (c) are not subject to consolidated supervision under BIPRU 8. An IFPRU investment firm and a BIPRU firm under (a) must complete the report on the basis of its UK consolidation group. An IFPRU investment firm and a BIPRU firm under (b) or (c) must complete the report on the basis of its solo position.
Note 9	This will be applicable to firms that are members of a UK consolidation group on the reporting date.
Note 10	Only applicable to a firm whose ultimate parent is a mixed-activity holding company.
Note 11	Only applicable to a firm that is a sole trader or a partnership, when the report must be submitted by each partner.
Note 12	Only applicable to a firm that has both a core UK group and a non-core large exposures group.
Note 13	Only applicable to firms that have an IRB permission.
Note 14	Only applicable to firms that hold securitisation positions, or are the originator or sponsor of securitisations of non-trading book exposures.
Note 15	This item only applies to firms that are subject to an FCA requirement to hold professional indemnity insurance and are not exempt CAD firms.
Note 16	A firm must complete this item separately on each of the following bases (if applicable). (1) It must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone. (2) If it is a group liquidity reporting firm in a DLG by default and is a UK lead regulated firm, it must complete the item on the basis of that group. (3) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group. (4) If it is a group liquidity reporting firm in a non-UK DLG by modification, it must complete the item on the basis of that group.
Note 17	A firm must complete this item separately on each of the following bases that are applicable. (1) It must complete it on a solo basis unless it is a group liquidity reporting firm in a UK DLG by modification. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone. (2) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.
Note 18	If it is a non-ILAS BIPRU firm, it must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.
Note 19	(1) This item must be reported in the reporting currency. (2) If any data element is in a currency or currencies other than the reporting currency, all currencies (including the reporting currency) must be combined into a figure in the reporting currency. (3) In addition, all material currencies (which may include the reporting currency) must each be recorded separately (translated into the reporting currency). However if: (a) the reporting frequency is (whether under a rule or under a waiver) quarterly or less than quarterly; or (b) the only material currency is the reporting currency; (3) does not apply. (4) If there are more than three material currencies for this data item, (3) only applies to the three largest in amount. A firm must identify the largest in amount in accordance with the following procedure. (a) For each currency, take the largest of the asset or liability figure as referred to in the definition of material currency. (b) Take the three largest figures from the resulting list of amounts. (5) The date as at which the calculations for the purposes of the definition of material currency are carried out is the last day of the reporting period in question. (6) The reporting currency for this data item is whichever of the following currencies the firm chooses, namely USD (the United States Dollar), EUR (the euro), GBP (sterling), JPY (the Japanese Yen), CHF (the Swiss Franc), CAD (the Canadian Dollar) or SEK (the Swedish Krona).
Note 20	Note 19 applies, except that paragraphs (3), (4) and (5) do not apply, meaning that material currencies must not be recorded separately.
Note 21	Any changes to reporting requirements caused by a firm receiving an intra-group liquidity modification (or a variation to one) do not take effect until the first day of the next reporting period applicable under the changed reporting requirements for the data item in question if the firm receives that intra-group liquidity modification or variation part of the way through such a period. If the change is that the firm does not have to report a particular data item or does not have to report it at a particular reporting level, the firm must nevertheless report that item or at that reporting level for any reporting period that has already begun. This paragraph is subject to anything that the intra-group liquidity modification says to the contrary.
Note 22	Only applicable to firms that hold securitisation positions in the trading book and/ or are the originator or sponsor of securitisations held in the trading book.
Note 23	Where a firm submits data items for both RAG 7 and RAG 9, the firm must complete both SectionsD1 and D6 RMAR.
Note 24	FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054 must be completed by an ILAS BIPRU firm. An ILAS BIPRU firm does not need to complete FSA055. A non-ILAS BIPRU firm must complete FSA055 and does not need to complete FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054.
Note 25	This data item must be reported only in the currencies named in FSA052, so that liabilities in GBP are reported in GBP in rows 1 to 4, those in USD are reported in USD in rows 5 to 8, and those in Euro are reported in Euro in rows 9 to 12. Liabilities in other currencies are not to be reported.
Note 26	This item only applies to firms that provide advice on retail investment products.
Note 27	This item applies only to firms that provide advice and related services to employers on group personal pension schemes and/or group stakeholder pension schemes.
Note 28	Only applicable to firms that are collective portfolio management investment firms.
Note 29	Requirements under COREP and FINREP should be determined with reference to the EU CRR and applicable technical standards.

SUP 16.12.28AR06/07/2009

2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm's accounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item 11	Data item 11 (note 1)	Frequency		Submission deadline
		Annual regulated business revenue up to and including £5 million	Annual regulated business revenue over £5 million
Balance Sheet	Section A RMAR	Half yearly	Quarterly	30 business days
Income Statement	Section B RMAR	Half yearly	Quarterly	30 business days
Capital Adequacy	Section D1 RMAR	Half yearly	Quarterly	30 business days
Professional indemnity insurance (note 2)11	Section E RMAR	Half yearly	Quarterly 11 11	30 business days
Threshold Conditions	Section F RMAR	Half yearly	Half yearly	30 business days
Training and Competence	Section G RMAR	Half yearly	Half yearly	30 business days
COBS11 data	Section H RMAR	Half yearly	Half yearly	30 business days
Supplementary product sales data	Section I RMAR	Half yearly11 11	Annually	30 business days
Client money and client assets	Section C RMAR	Half yearly	Quarterly	30 business days
Fees and levies	Section J RMAR	Annually	Annually	30 business days
Note 1	When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B.
11Note 2	This item only applies to firms that may be subject to an FSA requirement to hold professional indemnity insurance and are not exempt CAD firms.

CREDS 10.1.3G01/04/2013

Module	Relevance to Credit Unions
The Principles for Businesses (PRIN)	The Principles for Businesses (PRIN) set out, high-level requirements, some of which are imposed by the FCA and some by the PRA.12 They provide a general statement of regulatory requirements. The Principles apply to all12 credit unions. In applying the Principles to credit unions, the appropriate regulator 12 will be mindful of proportionality. In practice, the implications are likely to vary according to the size of the credit union. 12 12 12
Senior Management Arrangements, Systems and Controls (SYSC)	SYSC 1 and SYSC 4 to 10 apply to all credit unions in respect of the carrying on of their regulated activities and unregulated activities in a prudential context. SYSC 18 applies to all credit unions without restriction.
Threshold Conditions (COND)	In order to become authorised under the Act all firms must meet the threshold conditions. The threshold conditions must be met on a continuing basis by credit unions. Failure to meet one of the conditions is sufficient grounds for the exercise by the appropriate regulator 12 of its powers. 12 12
Statements of Principle and Code of Practice for Approved Persons (APER)	The purpose of the Statements of Principle contained in APER 2 is to provide guidance to approved persons in relation to the conduct expected of them in the performance of a controlled function. The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the appropriate regulator 12, do not comply with a Statement of Principle and, in the case of Statement of Principle 3, conduct which tends to show compliance within that statement. 12
The Fit and Proper test for Approved Persons (FIT)	The purpose of FIT is to set out and describe the criteria that the appropriate regulator 12 will consider when assessing the fitness and propriety of a person in respect of whom an application is being made for approval to undertake a controlled function under the approved persons regime. The criteria are also relevant in assessing the continuing fitness and propriety of persons who have already been approved. 12
General Provisions (GEN)	GEN contains rules and guidance on general matters, including interpreting the Handbook, statutory status disclosure, the appropriate regulator's 12 logo and insurance against financial penalties.
Fees manual (FEES)	This manual sets out the fees applying to credit unions.
Conduct of Business sourcebook (COBS)	A credit union which acts as a CTF provider or provides a cash-deposit ISA will need to be aware of the relevant requirements in COBS. COBS 4.6 (Past, simulated past and future performance), COBS 4.7.1 R (Direct offer financial promotions), COBS 4.10 (Systems and controls and approving and communicating financial promotions), COBS 13 (Preparing product information) and COBS 14 (Providing product information to clients) apply with respect to accepting deposits as set out in those provisions, COBS 4.1 and BCOBS.
Banking: Conduct of Business sourcebook (BCOBS)	BCOBS sets out rules and guidance for credit unions on how they should conduct their business with their customers. In particular there are rules and guidance relating to communications with banking customers and financial promotions (BCOBS 2), distance communications (BCOBS 3), information to be communicated to banking customers (BCOBS 4), post sale requirements (BCOBS 5), and cancellation (BCOBS 6). BCOBS 5.1.13 R (Value dating) does not apply to credit unions. The rules in BCOBS 3.1 that relate to distance contracts for accepting deposits are likely to have limited application to a credit union. This is because the Distance Marketing Directive only applies where there is "an organised distance sales or service-provision scheme run by the supplier" (Article 2(a)). If, therefore, the credit union normally operates face to face and has not set up facilities to enable customers to deal with it at a distance, such as facilities for a customer to deal with it purely by post, telephone, fax or the Internet, the provisions will not be relevant.
Supervision manual (SUP)	The following provisions of SUP are relevant to credit unions: 13SUP 1A13 (The appropriate regulator's 12 approach to supervision), SUP 2 (Information gathering by the appropriate regulator 12 on its own initiative), SUP 3.1 to SUP 3.8 (Auditors), SUP 5 (Skilled persons), SUP 6 (Applications to vary or cancel Part 4A12permission), SUP 7 (Individual requirements), SUP 8 (Waiver and modification of rules), SUP 9 (Individual guidance), 13SUP 10A and SUP 10B13 (Approved persons), SUP 11 (Controllers and Close links), SUP 15 (Notifications to the appropriate regulator 12) and SUP 16 (Reporting Requirements). Credit unions are reminded that they are subject to the requirements of the Act and SUP 11 on controllers and close links, and are bound to notify the appropriate regulator 12 of changes. It may be unlikely, in practice, that credit unions will develop such relationships. It is possible, however, that a person may acquire control of a credit union within the meaning of the Act by reason of holding the prescribed proportion of deferred shares in the credit union. In relation to SUP 16, credit unions are exempted from the requirement to submit annual reports of controllers and close links. 12 12 12 12 12
Decision, Procedure and Penalties manual (DEPP)	DEPP is relevant to credit unions because it sets out: (1) the FCA's 12 decision-making procedure for giving statutory notices. These are warning notices, decision notices and supervisory notices (DEPP 1.2 to DEPP 5); and (2) the FCA's 12 policy with respect to the imposition and amount of penalties under the Act (see DEPP 6). 12 12
Dispute Resolution: Complaints (DISP)	DISP sets out rules and guidance in relation to treating complainants fairly and the Financial Ombudsman Service.
Compensation (COMP)	COMP sets out rules relating to the scheme for compensating consumers when authorised firms are unable, or likely to be unable, to satisfy claims against them.12
The Enforcement Guide (EG)	The Enforcement Guide (EG) describes the FCA's 12 approach to exercising the main enforcement powers given to it by the Act and by regulation 12 of the Unfair Terms Regulations. 12
Financial crime: a guide for firms (FC)	FC provides guidance on steps that a firm can take to reduce the risk that it might be used to further financial crime.

MIPRU 4.1.15G01/01/2007

Capital has an important role to play in protecting consumers and complements the roles played by professional indemnity insurance and client money protection (see the client money rules). Capital provides a form of protection for situations not covered by a firm's professional indemnity insurance and it provides the funds for the firm's PII excess, which it has to pay out of its own finances (see MIPRU 3.2.11 R and MIPRU 3.2.12 R for the relationship between the firm's capital

MIPRU 4.3.1R01/01/2007

This section contains provisions relating to the calculation of annual income for the purposes of: (1) the limits of indemnity for professional indemnity insurance; and(2) the capital resources requirements.

IFPRU 2.3.61G01/01/2014

In relation to the issues identified in IFPRU 2.3.60 G, an asset manager should consider, for example: (1) the direct cost to it resulting from fraud or theft;(2) the direct cost arising from customers' claims and legal action in the future ? an asset manager could consider the impact on its financial position if a legal precedent were to encourage its customers to take legal action against it for failing to advise correctly on a certain type of product, the relevance of which

PERG 8.14.40CG01/10/2005

1An advice centre is defined in article 73 as a body which:(1) gives advice which is free and in respect of which it does not receive any fee, commission or other reward;(2) provides debt advice as its principal financial services activity; and(3) in the case of a body which is not part of a local authority, holds adequate professional indemnity insurance or a guarantee providing comparable cover.This exemption should be of particular use to bodies such as Citizens Advice Bur

BIPRU 2.2.64G01/01/2007

In relation to the issues identified in BIPRU 2.2.63 G, an asset manager should consider, for example:(1) the direct cost to it resulting from fraud or theft;(2) the direct cost arising from customers' claims and legal action in the future; an asset manager could consider the impact on its financial position if a legal precedent were to encourage its customers to take legal action against that firm for failing to advise correctly on a certain type of product; the relevance of

COBS 20.2.46G01/11/2007

A firm may include, within the policyholder advocate's terms of appointment, arrangements for the policyholder advocate to be indemnified in respect of certain claims that may be made against him in connection with the performance of his functions. If such indemnity is included, it should not include protection against any liability arising from acts of bad faith.

Related provisions for MIPRU 3.2.11

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