Related provisions for DISP App 3.3.7
101 - 120 of 128 items.
This section may be of relevance to a directive friendly society:(1) if it has 10 members or less; (2) if it has a delegate voting system and has 10 delegates or less; or (3) if it has 20 members or less and effects or carries out group insurance contracts where one person may exercise one vote on behalf of the members of a group and one vote in their private capacity; orwhere a member or delegate, whether alone or acting in concert8, is entitled to exercise, or control the exercise
(1) CREDS covers only the requirements associated with a Part 4A permission to accept deposits. The Conduct of Business sourcebook (COBS) sets out additional requirements for credit unions that are CTF providers in relation to cash deposit CTFs.(2) Other permissions are covered elsewhere in the Handbook. So, for example, a credit union seeking a permission to undertake a regulated mortgage activity would need to comply with the requirements in the Mortgages and Home Finance: Conduct
In this appendix:(1) "historic interest" means the interest the complainant paid to the firm because a single premium payment protection contract was added to a loan or credit product;(2) "simple interest" means a non-compound rate of 8% per annum; and(3) "claim" means a claim by a complainant seeking to rely upon the policy under the payment protection contract that is the subject of the complaint.
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.
(1) Some of the controlled functions, as set out in SUP 10A.4.1 R22, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10A.1.15 R22). These are the governing functions and the customer function5. As explained in SUP 10A.1.16 R22 and SUP 10A.3.2 G22 respectively:22222522522(a) the effect of SUP 10A.1.15 R22 is that the directors (or their equivalent) and senior managers (or their equivalent)
Under section 39824 of the Act (Misleading the FCA or PRA: residual cases),24 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 regulator24 information that is false or misleading. If necessary, a firm should take appropriate professional advice when supplying information required by the regulator(s).24 An insurer, for example, may ask an actuary to
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
(1) CASS
5.4 permits a firm, which
has adequate resources, systems and controls, to declare a trust on terms
which expressly authorise it, in its capacity as trustee, to make advances
of credit to the firm'sclients. The client
money trust required by CASS
5.4 extends to such debt obligations
which will arise if the firm,
as trustee, makes credit advances, to enable a client's3premium obligations
to be met before the premium is
remitted to the firm and similarly
if it allows claims
For a firm which carries on insurance mediation activity or home finance mediation activity1, annual income is the amount of all brokerage, fees, commissions and other related income (for example, administration charges, overriders, profit shares) due to the firm in respect of or in relation to those activities.1
But under section 316 of the Act (Direction by a regulator) the general prohibition does not apply to a person who is a member of the Society of Lloyds unless the FCA or PRA has made a direction that it should apply. The general prohibition is disapplied in relation to any regulated activity carried on by a member relating to contracts of insurance written at Lloyds. Directions can be made by the FCA or PRA in relation to individual members or the members of the Society of Lloyds
(1) Unless sub-paragraph (3), (4)(a) or (7)6 applies, if A is a body incorporated in the United Kingdom -6(a) A’s head office, and(b) if A has a registered office, that office,must be in the United Kingdom. (2) If A is not a body corporate but A’s head office is in the United Kingdom, A must carry on business in the United Kingdom. (3) If-(a) A is seeking to carry on, or is carrying on, a regulated activity which is any of the investment services and activities,(b) A is a body
Table 2B: Insurance Mediation Directive2 Activities 2 |
Part II RAO Activities |
Part III RAO Investments |
|
1. |
Introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance. |
Articles 25, 53 and 64 |
Articles 75, 89 (see Note 1) |
2. |
Concluding contracts of insurance |
Articles 21, 25, 53 and 64 |
Articles 75, 89 |
3. |
Assisting in the administration and performance of contracts of insurance, in particular in the event of a claim. |
Articles 39A, 64 |
Articles 75, 89 |
Note 1. Rights to or interests in life policies are specified investments under Article 89 of the Regulated Activities Order, but rights to or interests in general insurance contracts are not. |
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3The appropriate
regulator regards
a firm as 'using'
the services of, in particular, its immediate counterparty (typically the
intermediary that passed the business to the firm)
and of all other persons who
have been granted the right or authority directly by the firm to
effect a contract of insurance or enter into a home finance transaction.