Related provisions for ICOBS 6.1.9
21 - 40 of 235 items.
(1) If a firm has carried out an order in the course of its designated investment business on behalf of a client, it must:(a) promptly provide the client, in a durable medium, with the essential information concerning the execution of the order;(b) in the case of a retail client, send the client a notice in a durable medium confirming the execution of the order and such of the trade confirmation information (COBS 16 Annex 1R) 2as is applicable: (i) as soon as possible and no later
For the purposes of calculating the unit price in the trade confirmation information, where the order is executed in tranches, the firm may supply the client with information about the price of each tranche or the average price. If the average price is provided, the firm must supply the retail client with information about the price of each tranche upon request. [Note: article 40(4) of the MiFID implementing Directive]
1In determining what is essential information, a firm should consider including:(1) for transactions in a derivative:(a) the maturity, delivery or expiry date of the derivative;(b) in the case of an option, a reference to the last exercise date, whether it can be exercised before maturity and the strike price;(c) if the transaction closes out an open futures position, all essential details required in respect of each contract comprised in the open position and each contract by
Where a firm executes an order in tranches, the firm may, where appropriate, indicate the trading time and the execution venue in a way that is consistent with this, such as, "multiple". In accordance with the client's best interests rule, a firm should provide additional information at the client's request.
In relation to business that is not MiFID or equivalent third country business, a firm need not despatch a confirmation if:(1) the firm has agreed with the client (in the case of a retail client, in writing and with the client's informed consent) that confirmations need not be supplied, either generally or in specified circumstances; or(2) the designated investment is a life policy, stakeholder pension scheme3 or a personal pension scheme (other than a SIPP); or(3) the designated
A business illustration or high net worth illustration3provided to a customer must:(1) use the headings and prescribed text in MCOB 5 Annex 1 (except as provided in MCOB 5.7) but need not follow the format;(2) include the content required by MCOB 5.6.3 R to MCOB 5.6.130 G (except MCOB 5.6.5 R, MCOB 5.6.101 R, MCOB 5.6.109 R to MCOB 5.6.112 G, MCOB 5.6.120 R and MCOB 5.6.121 R);1(3) use the key facts logo followed by the text 'about this [term used by the firm to describe the
(1) MCOB 5.7.2 R(1) means that firms do not have to follow the ordering of sections set down in MCOB 5.6, although they may choose to do so.(2) In accordance with MCOB 5.7.2 R(8) an example of an appropriate variation to the risk warning would be:'Your home may be repossessed if you are unable to fulfil the terms of this secured overdraft'.(3) A firm may also choose to include other information beyond that required by MCOB 5.6. However, when adding additional material a firm should
(1) When providing a business illustration or high net worth illustration3in accordance with MCOB 5.7.2 R a firm should describe facilities provided under the regulated mortgage contract that are not a loan within section 12 (Additional features) of the business illustration or high net worth illustration3.(2) In complying with (1), a firm should follow the requirements in MCOB 5.6.92 RMCOB 5.6.108 G where these are relevant. Where the facility is of a type not considered in MCOB
The respondent must, by the end of eight weeks after its receipt of the complaint, send the complainant:(1) a 'final response', being a written response from the respondent which:3939(a) accepts the complaint and, where appropriate, offers redress or remedial action; or(b) offers redress or remedial action without accepting the complaint; or(c) rejects the complaint and gives reasons for doing so;and which:(d) encloses a copy of the Financial Ombudsman Service's standard explanatory
DISP 1.6.2 R does not apply if the complainant has already indicated in writing acceptance of a response by the respondent, provided that the response:28(1) informed the complainant how to pursue his complaint with the respondent if he remains dissatisfied; 28(2) referred to the ultimate availability of the Financial Ombudsman Service if he remains dissatisfied with the respondent's response;28
It is for the committee of management of a friendly society to decide whether to recommend an amalgamation or a transfer of engagements to the society's members. This section provides some guidance on the procedures to be followed and the information to be provided to a friendly society's members so that they are appropriately informed before they exercise their right to vote on the proposals.
Schedule 15 to the Friendly Societies Act 1992 requires a statement to be sent to every member of a friendly society entitled to vote on a transfer or amalgamation. Among other matters this statement has to cover the financial position of the friendly society and every other participant in the transfer or amalgamation. The members should be provided with sufficient financial information about the respective financial positions of the participants to gain an understanding of the
The financial information provided under SUP 18.4.13 G would normally contain comparative statements of balance sheets at the same date, and include main investments, reserves and funds or technical provisions, with details of the number of members of each participant as at the balance sheet date and the premium income of the relevant fund of each participant during the financial year to which the balance sheet relates. SUP 18.4.15 G to SUP 18.4.18 G give further guidance on the
If the information relates to a position some time in the past, the information should state that there has been no significant change or include a clear description of the changes. Differences in accounting policies and reporting requirements could lead to the loss of some comparability between participants. Such differences and their estimated financial effects (if any) should be explained.
The information should state whether any of the participants has any significant future capital commitments. The appropriate authority2 will require it to state that the transfer of engagements or amalgamation will not conflict with any contractual commitment by a society, any subsidiary or any body jointly controlled by it and others.2
Prior to the conclusion of an initial contract of insurance and, if necessary, on its amendment or renewal, a firm must provide the customer with at least:(1) its name and address;(2) the fact that it is included in the Financial Services Register and the means for verifying this;(3) whether it has a direct or indirect holding representing more than 10% of the voting rights or capital in a given insurance undertaking (that is not a pure reinsurer);(4) whether a given insurance
(1) Prior to the conclusion of an initial contract of insurance (other than a connected travel insurance contract)2 and, if necessary, on its amendment or renewal, a firm must tell the customer whether:(a) it gives advice on the basis of a fair analysis of the market; or(b) it is under a contractual obligation to conduct insurance mediation business exclusively with one or more insurance undertakings; or(c) it is not under a contractual obligation to conduct insurance mediation
(1) All information to be provided to a customer in accordance with this chapter must be communicated:(a) on paper or on any other durable medium available and accessible to the customer;(b) in a clear and accurate manner, comprehensible to the customer; and(c) in an official language of the State of the commitment or in any other language agreed by the parties.(2) The information may be provided orally where the customer requests it, or where immediate cover is necessary. (3)
(1) As soon as a SRB agreement provider agrees the key terms of a proposed regulated sale and rent back agreement with a SRB agreement seller and before he becomes contractually committed to enter into the agreement, the SRB agreement provider must provide the seller with a written pre-offer document summarising its key terms (Stage One).(2) The written pre-offer document must be in the form prescribed by MCOB 6 Annex 2 R and must be adapted by the firm, as appropriate, to the
As soon as a SRB agreement provider has provided the written pre-offer document at Stage One to a SRB agreement seller who is in arrears under his regulated mortgage contract or home purchase plan on the property to which the proposed regulated sale and rent back agreement relates, it must, in a durable medium, immediately notify the mortgage lender, home purchase provider or the providers of other loans that may be secured on the property:(1) explaining that the firm is proposing
(1) No sooner than 14 days after the SRB agreement provider has supplied the SRB agreement seller with the written pre-offer at Stage One, the provider must provide him with a written offer document for signing (Stage Two), accompanied by any formal legal documentation that the parties will need to sign to give effect to the proposed regulated sale and rent back agreement.(2) The written offer document for signing (Stage Two) must be in the form prescribed by MCOB 6 Annex 3 R
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
In addition to the policy conditions, both general and special, a customer must, throughout the term of a pure protection contract, receive:(1) any change in the name of theinsurance undertaking, its legal form or the address of its head office and, where appropriate, of the agency or branch which concluded the contract; and(2) all the information marked ‘*’ in the table of information to be communicated before conclusion, in the event of a change in the policy conditions or amendment
If a customer falls into arrears on a regulated mortgage contract, a firm must as soon as possible, and in any event within 15 business days of becoming aware of that fact, provide the customer with the following in a durable medium:(1) the current Money Advice Service information sheet “Problems paying your mortgage”;33(2) a list of the due payments either missed or only paid in part;(3) the total sum of the payment shortfall4;4(4) the charges incurred as a result of the payment
(1) A firm may provide the information in MCOB 13.4.1 R (2), (3), (4), (5) and (6) orally, for example by telephone, but must provide the information in a durable medium with a copy of the Money Advice Service3 information sheet “Problems3 paying your mortgage” 23within 15 business days of becoming aware of the customer's account falling into arrears.23(2) Where a firm provides the information in MCOB 13.4.1 R when a payment shortfall4 occurs but before the customer's account
Before commencing action for repossession, a firm must:(1) provide a written update of the information required by MCOB 13.4.1 R(2), (3), (4), (5) and (6);(2) ensure that the customer is informed of the need to contact the local authority to establish whether the customer is eligible for local authority housing after his property is repossessed; and(3) clearly state the action that will be taken with regard to repossession.
(1) The authorised fund manager of a UCITS scheme that is a merging UCITS or a receiving UCITS in a proposed UCITS merger must ensure that a document containing appropriate and accurate information on the merger is provided to the unitholders of that scheme so as to enable them to:(a) make an informed judgment about the impact of the proposal on their investment;(b) exercise their rights under regulation 12 (Right of redemption) of the UCITS Regulations 2011; and(c) where applicable,
(1) The information document that must be provided to unitholders under COLL 7.7.10 R (Information to be given to unitholders) by the authorised fund manager of a UCITS scheme must be written in a concise manner and in non-technical language.(2) In the case of a proposed cross-border UCITS merger, the authorised fund manager of the UCITS scheme, being either the merging UCITS or the receiving UCITS respectively, must explain in plain language any terms or procedures relating to
(1) Where the merging UCITS is a UCITS scheme, the information document that its authorised fund manager must provide to its unitholders under COLL 7.7.10 R (3)(b) must also include:(a) details of any differences in the rights of unitholders of the merging UCITS before and after the proposed UCITS merger takes effect;(b) if the key investor information of the merging UCITS and the receiving UCITS show synthetic risk and reward indicators in different categories, or identify different
(1) An authorised fund manager may add other information to that which is required by COLL 7.7.10 R2 to COLL 7.7.14 R if it considers that it is relevant in the context of the proposed UCITS merger. For example, it may be appropriate for the information provided in accordance with COLL 7.7.13 R (3)(a) to contain a recommendation by the respective authorised fund manager3 of an AUT or ACS3 or the directors of an ICVC as to the course of action the unitholders should take.23(2)
(1) 5The FCA may by notice in writing given to a sponsor, or a person applying for approval as a sponsor, require it to provide specified documents or specified information to the FCA.(2) The sponsor, or the person applying for approval as a sponsor, must as soon as practicable provide to the FCA any documents or information that it has been required to provide under (1).(3) This rule applies only to documents or information reasonably required by the FCA in connection with the
A request by a sponsor for its approval as a sponsor to be cancelled must be in writing and must include:(1) the sponsor's name;(2) a clear explanation of the background and reasons for the request;(3) the date on which the sponsor requests the cancellation to take effect;4(4) a signed confirmation that the sponsor will not provide any sponsor services8 as of the date the request is submitted to the FCA; and8(5) the name and contact details of the person at the sponsor with whom
10A request by a sponsor for its approval as a sponsor to be suspended must be in writing and must include: (1) the sponsor's name; (2) a clear explanation of the background and reasons for the request;(3) the date on which the sponsor requests the suspension to take effect;(4) a signed confirmation that the sponsor will not provide any sponsor services as of the date the request is submitted to the FCA; and(5) the name and contact details of the person at the sponsor with whom
(1) 1If a firm offers to enter into a home purchase plan with a customer, it must ensure that the customer is, or has been provided with an appropriate offer document in a durable medium which includes:(a) the period for which the offer is valid;(b) an explanation of the consequences that might arise from the customer not entering into the home purchase plan including details of any fees that the customer has paid which will not be refunded;(c) an explanation of when the customer
(1) A firm must communicate to a consumer2 the distance marketing information in a durable medium available and accessible to the consumer2 in good time before the consumer2 is bound by any distance contract or offer to enter into a home purchase plan.222(2) If the distance contract or offer has been concluded at the consumer's2 request using a means of distance communication2 which does not enable providing the information in accordance with (1) then it must be communicated no
(Subject to MCOB 7.7.5 R) a firm that enters into a regulated mortgage contract with a customer must provide the customer with the following information before the customer makes the first payment under that regulated mortgage contract:1(1) the amount of the first payment required;(2) the amount of the subsequent payment(s) if different from the first payment;(3) the method by which the payment will be collected (for example, by direct debit) and the date of collection of the
(1) A firm must make and retain an adequate record of the information that it provides to each customer at the start of the regulated mortgage contract in accordance with this section.(2) The record required by (1) must be maintained for a year from the date that the information is provided to the customer.
(1) 1In relation to an instalment reversion plan, a firm must provide the customer with a statement at least once a year (or, in relation to the first statement, within the first 13 months of the plan term):(a) covering the instalment reversion plan and any tied product purchased through the firm; and(b) giving information of any other product purchased through the firm where the payments for those products are combined with amounts released under the instalment reversion plan.(2)
A firm must ensure that, as soon as possible after the sale of a repossessed property, if the proceeds of sale are less than the amount due under the regulated mortgage contract or home purchase plan1, the customer is informed in a durable medium of:1(1) the sale shortfall; and(2) where relevant, the fact that the sale shortfall1may be pursued by another company (for example, a mortgage indemnity insurer).1
(1) If the decision is made to recover the sale shortfall,1 the firm must ensure that the customer is notified of this intention.1(2) The notification referred to in (1) must take place within five years of the date of the sale (if the regulated mortgage contract or home purchase plan1is subject to Scottish law) or within six years (in all other cases).
A firm must ensure that, on the sale of a repossessed property, if the proceeds of sale are more than the amount due under the regulated mortgage contract or home purchase plan1, reasonable steps are taken, as soon as possible after the sale, to inform the customer in a durable medium of the surplus and, subject to the rights of any subsequent mortgage or charge holders, to pay it to him.1
(1) A firm must ensure that a communication or a financial promotion is clear, fair, and not misleading. [Note: paragraphs 2.2 of ILG, 3.16 of DMG and 3.1 of CBG](2) If, for a particular communication or financial promotion, a firm takes reasonable steps to ensure it complies with (1), a contravention does not give rise to a right of action under section 138D of the Act.
(1) A firm's trading name, internet address or logo, in particular, could fall within CONC 3.3.3 R. [Note: paragraph 5.2 (box) of ILG](2) If credit is described as pre-approved, in accordance with CONC 3.5.12 R the provision of the credit should be free of any conditions regarding the customer's credit status, and the lender or, in relation to a P2P agreement the operator of an electronic system in relation to lending, should have carried out the required assessment under CONC
Misleading a customer as to the availability of a particular credit product is likely to include stating or implying that the firm will introduce the customer to a provider of a standard personal loan based on repayment by instalments or of an overdraft facility on a current account (for example, a bank or building society) or of a credit card, but instead introducing the customer to a provider of high-cost short-term credit. [Note: paragraph 3.9p (box) of CBG]
(1) The authorised fund manager10 or the depositary of an AUT or ACS10 (in accordance with their responsibilities as set out in the instrument constituting the fund12) must maintain a register of unitholders as a document in accordance with this rule.101012(2) The register must contain:(a) the name and address of each Unitholder (for joint Unitholders no more than four need to be registered);(b) the number of units (including fractions of a unit) of each class held by each unitholder;
(1) 10The authorised contractual scheme manager of an authorised contractual scheme which is a qualified investor scheme must take reasonable care to ensure that rights or interests in units in the scheme are not acquired by any person from or through an intermediate Unitholder in a qualified investor scheme, unless:11(a) that person11is a:(i) professional ACS investor; or(ii) large ACS investor; or(iii) person who already holds units in the scheme; and(b) units in a qualified
(1) 4The authorised fund manager of a property authorised investment fund must take reasonable steps to ensure that no body corporate holds more than 10% of the net asset value of that fund (the "maximum allowable").(2) Where the authorised fund manager of a property authorised investment fund becomes aware that a body corporate holds more than the maximum allowable, he must:(a) notify the body corporate of that event;(b) not pay any income distribution to the body corporate;
4Reasonable steps to monitor the maximum allowable include:(1) regularly reviewing the register; and(2) taking reasonable steps to ensure that unitholders are kept informed of the requirement that no body corporate may hold more than 10% of the net asset value of a property authorised investment fund.
(1) A qualified investor scheme must have:(a) an annual accounting period;(b) a half-yearly accounting period; and(c) an accounting reference date;the details of which must be set out in the prospectus.(1A) COLL 6.8.2 R (2) to COLL 6.8.2 R (7) (Accounting periods) also apply to the half-yearly accounting period and annual accounting period of a qualified investor scheme.1(2) A qualified investor scheme must have an annual income allocation date, which must be within four months
(1) The authorised fund manager must inform unitholders in an appropriate manner and timescale of any notifiable changes that are reasonably likely to affect, or have affected, the operation of the scheme.(2) A notifiable change is a change or event, other than a fundamental change under COLL 4.3.4 R or a significant change under COLL 4.3.6 R, which a unitholder must be made aware of unless the authorised fund manager concludes that the change is insignificant.
(1) The circumstances causing a notifiable change may or may not be within the control of the authorised fund manager.(2) For the purpose of COLL 4.3.8 R (Notifiable changes) a notifiable change might include:(a) a change of named investment manager where the authorised fund has been marketed on the basis of that individual's involvement;(b) a significant political event which impacts on the authorised fund or its operation;(c) a change to the time of the valuation point;(d) the
(1) 3In the case of a UCITS scheme, the appointment of a new authorised fund manager as a result of:(a) in the case of an ICVC, the termination of the appointment of the previous ACD under COLL 6.5.4 R (2) or COLL 6.5.4 R (3) (Termination of appointment of an ACD); or(b) in the case of an AUT or ACS5, the replacement of the
authorised fund manager5
under COLL 6.5.7 R (2) (Replacement of an authorised fund manager of an AUT or ACS);555must, if the new authorised fund manager
3Where the authorised fund manager of either a feeder UCITS or a feeder NURS4 is notified of any change in respect of its master UCITS or qualifying master scheme4which has the effect of a change to the feeder UCITS or feeder NURS4, the authorised fund manager must:4(1) classify it as a fundamental change, significant change or a notifiable change to the feeder UCITS or feeder NURS4 in accordance with the rules in this section; and(2) (a) for a fundamental change, obtain approval
1Under section 300B(3) of the Act, the FCA4may also by rules under section 293: 4(1) 1make provision as to the form and contents of the notice required, and(2) 1require the UK recognised body to provide such information relating to the proposal as may be specified in the rules or as the FCA4may reasonably require.4
1In determining whether a UK RIE3has provided sufficient supporting information, the FCA4may have regard to the extent to which the information includes:44(1) 1clearly expressed reasons for the proposed regulatory provision; and(2) 1an appropriately detailed assessment of the likely costs and benefits of the proposed regulatory provision.