Related provisions for CONC 7.17.10
41 - 60 of 311 items.
1(1) This sourcebook3 applies to every firm that:113(a) carries on a home finance activity3 (subject to 31the business loan application provisions3); or3(b) communicates or approves a financial promotion of qualifying credit, of a home purchase plan,6of a home reversion plan3or of a regulated sale and rent back agreement.636(2) Where a firm has outsourced activities to a third party processor, any rule in MCOB which requires the third party processor, when acting as such, to disclose
In relation to a regulated mortgage contract for a business purpose, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) (except in relation to sections 6 and 8 of any initial disclosure document3 or sections 5 and 8 of any combined initial disclosure document3) substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;33(2)
The disclosure rules in MCOB place particular emphasis on the description of borrowing. Where the regulated mortgage contract is for a business purpose, a firm should reflect this emphasis in any disclosure by first describing any borrowing before addressing the other facilities provided under the regulated mortgage contract.
A firm must:(1) where it has responsibility for doing so, explain the key features of a regulated credit agreement to enable the customer to make an informed choice as required by CONC 4.2.5 R;[Note: paragraphs 4.27 to 4.30 of CBG and 2.2 of ILG](2) take reasonable steps to satisfy itself that a product it wishes to recommend to a customer is not unsuitable for the customer's needs and circumstances;[Note: paragraph 4.22 of CBG](3) advise a customer to read, and allow the customer
Where a credit broker ("B") is a negotiator (within the meaning of section 56(1) of the CCA), B must, at the same time as B gives notice to a customer, under section 157(1) of the CCA (which relates to the duty to disclose on request the name and address of any credit reference agency consulted by B) also give the customer notice of the name and address of any credit reference agency of which B has been informed under CONC 2.4.2 R.[Note: regulation 3 of SI 1977/ 330]
Where a credit broker ("B") is not a negotiator (within the meaning of section 56(1) of the CCA), B must, within seven working days after receiving a request in writing for any such information, which is made by a customer within 28 days after the termination of any negotiations relating to a regulated credit agreement or a regulated consumer hire agreement whether on the making of the agreement or otherwise, give to the customer notice of: (1) the name and address of any credit
A firm must not:(1) make or cause to be made unsolicited calls to numbers entered on the register kept under regulation 25 or 26 of the Privacy and Electronic Communications (EC Directive) Regulations 2003 or to a customer who has notified the firm not to call the number being used to call; [Note: paragraph 3.9a of CBG](2) other than where:(a) the firm has obtained the contact details of a customer (C) in the course of the sale or negotiations for the sale of a product or service
(1) It is likely to be an inappropriate offer of an inducement or incentive to enter into an regulated credit agreement or a regulated consumer hire agreement to state that the offer in relation to the agreement will be withdrawn or the terms and conditions of the offer will worsen if the agreement is not signed immediately or within a stated period after the communication, unless the firm's offer on those terms and conditions will in fact be withdrawn or worsen in the period
Provided the conditions in PERG 8.12.25 G are met, the exemption in article 20 applies to any non-real time financial promotion. However, there is an additional condition where the subject matter of the financial promotion is shares or options, futures or contracts for differences relating to shares and the financial promotion identifies directly a person who issues or provides such an investment. In such cases, the exemption is subject to a disclosure requirement which is itself
The exceptions to the disclosure requirement are where the financial promotion is in either:(1) a publication, service or broadcast which has proper systems and procedures which prevent the publication of communications without disclosure of financial interests; or(2) a publication, service or broadcast which falls within the remit of:(a) the Code of Practice issued by the Press Complaints Commission; or(b) the OFCOM Broadcasting1 Code; or11(c) the Producers’ Guidelines issued
The effect of PERG 8.12.27G (2) is that financial promotions made by journalists in publications, services or broadcasts to which one of the codes or the guidelines apply are not subject to the disclosure requirement. This is so even if a financial promotion is made in breach of the codes or guidelines. Such financial promotions would remain to be dealt with by the body responsible for the code or guidelines and the publisher concerned. The code or guidelines may, of course, themselves
The effect of PERG 8.12.27G (1) is that a journalist will not breach section 21 by not disclosing a financial interest, providing that the publication, service or broadcast concerned operates proper systems and procedures. As with the exemption in article 12 of the Financial Promotion Order (see PERG 8.12.6 G), what proper systems and procedures are will be a matter ultimately for the courts to determine and may vary according to the medium used. It will depend upon all the circumstances
Persons such as experts or analysts may be approached to contribute at very short notice and may be overseas. In such cases, the systems and procedures referred to in PERG 8.12.29 G may not be practical. It is the FCA's opinion that, where occasional contributors are concerned, proper systems and procedures may include arrangements for ensuring that the need for disclosure (or the avoidance of financial interests) is drawn to the contributor’s attention before the communication
If an issuer is required to notify information to a RIS at a time when a RIS is not open for business, it must distribute the information as soon as possible to:(1) not less than two national newspapers in the United Kingdom;(2) two newswire services operating in the United Kingdom; and(3) a RIS for release as soon as it opens.
In assessing redress, the firm should consider whether there are any other further losses that flow from its breach or failing that were reasonably foreseeable as a consequence of the firm's breach or failing, for example, where the payment protection contract's cost or rejected claims contributed to affordability issues for the associated loan or credit which led to arrears charges, default interest, penal interest rates or other penalties levied by the lender.
1When
an insurer or managing
agent receives a claim under a long-term
care insurance contract, it must respond promptly by providing
the policyholder, or the person acting on the policyholder's behalf,
with:(1) a claim form (if it requires one
to be completed);(2) a summary of its claims handling
procedure; and(3) appropriate information about the
medical criteria that must be met, and any waiting periods that apply, under
the terms of the policy.
As soon as reasonably practicable after
receipt of a claim, the insurer or managing agent must tell the policyholder, or the person acting
on the policyholder's behalf:(1) (for each part of the claim it
accepts), whether the claim will be settled by paying the policyholder,
providing goods or services to the policyholder or
paying another person to provide
those goods or services; and(2) (for each part of the claim it
rejects), why the claim has been rejected and whether any future
(1) A firm must disclose to the customer the fee, if any, payable by a customer to the firm for its services. [Note: section 160A(4) of CCA] (2) Any fee to be paid by the customer to the firm must be agreed between the customer and the firm, and that agreement must be recorded in writing or other durable medium before a regulated credit agreement is entered into.[Note: section 160A(4) of CCA] (3) A firm must disclose to the lender the fee, if any, for its activity payable by the
Section 81 of the Act (supplementary listing particulars) requires
an issuer to submit supplementary listing particulars to the FCA for approval if at any time after listing particulars have been submitted
to the FCA and before the commencement of dealings
in the securities following
their admission to the official list:(1) there is a significant change affecting
any matter contained in those particulars the inclusion of which was required
by:(a) section 80 of the Act (general
1If
final terms of the offer are not included in the listing
particulars:(1) the final terms must be provided
to investors and filed with the FCA, and made available to the public,
as if the relevant requirements in PR 3.2 and the PD Regulation applied
to them; and(2) the listing
particulars must disclose the criteria and/or the conditions
in accordance with which the above elements will be determined or, in the
case of price, the maximum price.
The Listing Principles are designed to assist listed companies in identifying their obligations and responsibilities under the listing rules and the disclosure rules and transparency rules. The Listing Principles should be interpreted together with relevant rules and guidance which underpin the Listing Principles.
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
(1) The commission disclosure rule is additional to the general law on the fiduciary obligations of an agent in that it applies whether or not the insurance intermediary is an agent of the commercial customer.(2) In relation to contracts of insurance, the essence of these fiduciary obligations is generally a duty to account to the agent’s principal. But where a customer employs an insurance intermediary by way of business and does not remunerate him, and where it is usual for
Unless otherwise stated, the issuer or the owner, as the case may be, must send the relevant forms and information to the FCA's address marked for the attention of the "Covered Bonds Team, Capital Markets Sector" by any of the following methods:(1) post; or(2) leaving it at the FCA's address and obtaining a time-stamped receipt; or(3) email to rcb@fca.org.uk.
A company with, or applying for, a premium listing of its equity shares5 must appoint a sponsor on each occasion that it:4(1) is required to submit any of the following documents to the FCA in connection with6 an application for admission of equity shares5 to premium listing6:66(a) a prospectus, supplementary prospectus7 or equivalent document1; or6(b) a certificate of approval from another competent authority; or6(c) a summary document as required by PR 1.2.3R (8); or6(d) listing
If a company with a premium listing6 is proposing to enter into a transaction which due to its size or nature could amount to a class 1 transaction or a reverse takeover it must obtain the guidance of a sponsor to assess the application of the listing rules, the6disclosure rules and the 6transparency rules.3263
The FCA will generally be satisfied that there is sufficient information in the market about the propos ed transaction if: (1) the target has shares or certificates representing equity securities admitted to a regulated market; and(2) the issuer makes an announcement stating that the target has complied with the disclosure requirements applicable on that regulated market and providing details of where information disclosed pursuant to those requirements can be obtained.
The FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction if the target has securities admitted to an investment exchange or trading platform that is not a regulated market and the issuer:(1) confirms, in a form acceptable to the FCA, that the disclosure requirements in relation to financial information and inside information of the investment exchange or trading platform on which the target'ssecurities
Where the target in a reverse takeover is not subject to a public disclosure regime, or if the target has securities admitted on an investment exchange or trading platform that is not a regulated market but the issuer is not able to give the confirmation and make the announcement contemplated by LR 5.6.12 G, the FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction such that a suspension is not required
Failing
to inform: (1) a customer; or(2) his firm (or its auditors or an actuary appointed
by his firm under SUP 4 Actuaries)1);1of material information in circumstances
where he was aware, or ought to have been aware, of such information, and
of the fact that he should provide it, falls within APER 4.2.2 E.
Behaviour
of the type referred to in APER 4.2.3 E includes, but is not limited to:(1) failing
to explain the risks of an investment to
a customer;(2) failing
to disclose to a customer details
of the charges or surrender penalties of investment products;(3) mismarking
trading positions;(4) providing
inaccurate or inadequate information to a firm,
its auditors or an actuary appointed
by his firm under SUP 4 (Actuaries)1;1(5) failing
to disclose dealings where disclosure is required
This section applies to a firm which produces, or arranges for the
production of, investment research that
is intended or likely to be subsequently disseminated to clients of
the firm or to the public, under
its own responsibility or that of a member of its group. [Note: article 25(1) of the MiFID
implementing Directive]
Knowledge by a financial
analyst or other relevant person that
the firm intends to produce
or disseminate investment research to
its clients or to the public
(including in circumstances where research material has not yet been written)
could constitute knowledge of the likely timing and content of investment research under COBS 12.2.5 R (1).
Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
(1) Information that is disclosed in a non-EEA State which may be of importance to the public in the EEA must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3. (2) Paragraph (1) applies additionally to information that is not regulated information.[Note: article 23(3) of the TD]
Where
the approved person is, or is
one of the approved persons who
is, responsible within the firm for
reporting matters to the regulator concerned (as defined in APER 4.4.4 E)3, failing promptly to inform the regulator concerned3 of information of which he is aware
and which it would be reasonable to assume would be of material significance
to the regulator concerned,3 whether in response to questions or
otherwise, falls within APER 4.4.3 E.333
Failing
without good reason to:(1) inform
a regulator of information of which the approved
person was aware in response to questions from that regulator;(2) attend
an interview or answer questions put by a regulator, despite a request or
demand having been made;(3) supply
a regulator with appropriate documents or
information when requested or required to do so and within the time limits
attaching to that request or requirement;falls within APER 4.4.3 E.
To comply with COBS 6.1D.11R, a firm's disclosure should be in cash terms (or convert non-cash terms into illustrative cash equivalents) and should:(1) include information as to the period over which the consultancy charge is payable;(2) provide information on the implications for the employee if the employee leaves the employer’s service or their contributions to the group personal pension scheme or group stakeholder pension scheme are cancelled before the consultancy charge