Related provisions for IPRU-INV 4.1.3
1 - 20 of 49 items.
(1) A notification claiming exemption under DISP 1.1.12 R from the complaints reporting rules and the rules relating to the funding of the Financial Ombudsman Service must be given to the
FCA
by the Society on behalf of any member eligible for an exemption. (2) The Society must notify the
FCA
if the conditions relating to such an exemption no longer apply to a member who is exempt.
1The deadlines for publication of the Society's complaints data summaries are:(1) 28 February for the summary of its report relating to the reporting period ending on 31 December of the previous year; and(2) 31 August for the summary of its report relating to the reporting period ending on 30 June of the same year.
1The Society may choose how it publishes the complaints data summary. However, the complaints data summary should be readily available. For this reason, the
FCA
recommends that the Society publishes the summary on its website. The Society may publish further information with the complaints data summary to aid understanding.
However, the Society operates a two-tier internal complaints handling procedure, currently set out in the "Code for Underwriting agents: UK Personal Lines Claims and Complaints Handling". Under this procedure, complaints by policyholders against members of the Society are considered by the managing agent and then, if necessary, by the Society's in-house Complaints Department. This procedure (and any procedure that may replace it) will be subject to the requirements in this ch
The Society must establish and maintain appropriate and effective arrangements for handling any complaint from a member or a former member about:(1) regulated activities carried on by the Society;(2) the Society'sregulatory functions carried on by the Society, the Council or those to whom the Council delegates authority to carry out such functions;(3) advice given by an underwriting agent to a person to become, continue or cease to be, a member of a particular syndicate; and(4)
The Society must establish and maintain effective arrangements to monitor and manage risk arising from:(1) conflicts of interest (including in relation to (2) to (4));(2) inter-syndicate transactions, including reinsurance to close and approved reinsurance to close;(3) related party transactions; and(4) transactions between members and itself.
The Society must, as soon as it is practical to do so, notify the FCA2of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:2(1) any Lloyd's trust deed;(2) any standard form letter of credit prescribed by the Society from time to time; or(3) any standard form guarantee agreement prescribed by the Society from time to time.
The information provided to the 2FCA2by the Society under INSPRU 8.2.25 R must include:(1) a statement of the purpose of any proposed amendment or new Lloyd's trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and(2) a description of the consultation undertaken under INSPRU 8.2.26 R including a summary of any significant responses to that consultation.
The rules and guidance in this section1 are intended to promote confidence in the market at Lloyd's, and to protect certain consumers of services provided by the Society in carrying on, or in connection with or for the purposes of, its regulated activities. They do this by ensuring that the Society appropriately and effectively regulates the capacity transfer market so that it operates in a fair and transparent manner.1
(1) 2The Society must give the FCA a report as at the end of each calendar quarter in which any capacity is transferred.(2) The report referred to in (1) must reach the FCA within one month of the end of the relevant calendar quarter and must include information on:(a) the total capacity in syndicates transferred during the quarter, analysed by syndicate and method of transfer;(b) the number, and nature, of all investigations by the Society into conduct in the capacity transfer
The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet and continue to meet financial resource requirements at least equivalent to the requirements set out in Lloyd's Capital and Solvency Requirements 2001, as they are in force immediately before commencement.
The report referred to in IPRU-INV 4.4.2D must reach the FCA1 within two months of the end of the relevant quarter and must state: (1) whether the Society has any information indicating or tending to indicate that, during the quarter to which the report relates, the members’ agents1 failed to meet the financial resource requirements referred to in IPRU-INV 4.4.1D; (2) whether, at the end of the quarter to which the report relates, the members’ agents1 failed to meet the financial
The report in IPRU-INV 4.4.4D must reach the FCA1 within seven months of that members’ agent's1 accounting reference date and must: (1) confirm that: (a) the Society has received from that members’ agent1 in respect of the financial year to which the report relates, all relevant attachments to the Annual Financial Return that the members’ agent1 is required to make to the Society under the requirements identified in IPRU-INV 4.4.1D; (b) that members’ agent1 met the applicable
Underwriting agents are subject to regulation by the Society as well as by the appropriate regulator. In particular, they are subject to requirements as to their financial resources and as to making and maintaining accounting records, set by the Society. The appropriate regulator is satisfied that underwriting agents will be subject to adequate financial resource and accounting requirements as long as they remain subject to and comply with requirements at least equivalent to Lloyd's
A members'
adviser is not regulated by the Society and accordingly this chapter specifies the financial resource and accounting requirements to be met. Firms which fall within the scope of this chapter will be firms with permission only to advise persons on syndicate
participation at Lloyd's. The nature of that advisory business is akin to corporate
finance advice and so the applicable requirements are those in IPRU-INV
A firm (other than the Society and an MTF operator in relation to its MTF business5) must notify to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) the value (as at the valuation date specified in Part 5 of FEES 4 Annex 1AR in relation to fees payable to the FCA or Part 5 of FEES 4 Annex 1BR in relation to fees payable to the PRA)15 of each element of business on which the periodic fee payable by the firm is to be calculated.
A firm (other than the Society) must send to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA)15 in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 5 of FEES 4 Annex 1AR in relation of fees payable to the FCA or Part 5 of FEES 4 Annex 1B R in relation to fees payable to the PRA15 (or FEES 4.2.7B R where
3SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the appropriate regulator35to:35(1) comply with its general duty under section 314 of the Act (Regulators’35 general duty);35(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;(3) enforce
3The Society must immediately inform the appropriate regulator35 in writing if it becomes aware that any matter likely to be of material concern to the appropriate regulator35 may have arisen in relation to:(1) the regulated activities for which the Society has permission; or (2) underwriting agents; or (3) approved persons or individuals acting for or on behalf of underwriting agents.
3The Society must inform the appropriate regulator35 if it commences investigations or disciplinary proceedings relating to apparent breaches:35(1) of the Act or requirements made under the Act, including the threshold conditions or the Principles or other rules, by an underwriting agent; or(2) of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of an underwriting agent.
3The Society must inform the appropriate regulator35 if it commences investigations or disciplinary proceedings which do not fall within the scope of SUP 15.3.24 D but which:35(1) involve an underwriting agent, or an approved person who carries out controlled functions for it or on its behalf; or (2) may indicate that an individual acting for or on behalf of an underwriting agent may not be a fit and proper person to perform functions in relation to regulated activities.
A firm in the RAG in column (1) and which is a type of firm in column (2) must submit its annual report and accounts to the FCA annually on a single entity basis.
(1) |
(2) |
|
RAG |
Firm type |
|
1 |
||
2.2 |
The Society |
|
3 |
||
Exempt CAD firms subject to IPRU (INV) Chapter 13 |
||
All other firms subject to the following chapters in IPRU(INV): |
||
(1) |
Chapter 3 |
|
(2) |
Chapter 5 |
|
(3) |
Chapter 9 |
|
4 |
||
Exempt CAD firms subject to IPRU (INV) Chapter 13 |
||
All other firms subject to the following chapters in IPRU(INV): |
||
(1) |
Chapter 3 |
|
(2) |
Chapter 5 |
|
(3) |
Chapter 9 |
|
(5) |
Chapter 12 |
|
5 |
All firms |
|
6 |
All firms |
|
7 |
||
Exempt CAD firms subject to IPRU (INV) Chapter 13 |
||
8 |
All firms |
|
Firms must submit their annual report and accounts in accordance with SUP 16.7A.3 R within the following deadlines:(1) for a non-EEA bank, within 7 months of the accounting reference date;(2) for the Society or a service company, within 6 months of the accounting reference date; and(3) for all other firms, within 80 business days2 of the accounting reference date.2
(1) IPRU-INV applies to: (a) a members'
adviser;
(b) an investment management firm;
(c) a personal investment
firm;
(d) an authorised professional firm;
(e) a securities and futures
firm;
(f) a service company;
(g) the Society of Lloyd's (in relation to underwriting agents);
(h) [deleted] (i) a credit union which is a CTF provider; and (j) an exempt
Table
This table belongs to IPRU (INV) 1.2.4R
Chapters 1 and 2 |
|
Securities and futures firm (which is not a MiFID investment firm) |
Chapters 1 and 3 |
Securities and futures firm (which is an exempt BIPRU commodities firm or an exempt IFPRU commodities firm) |
Chapters 1 and 3 |
The Society of Lloyd's (in relation to underwriting agents) and members' advisers |
Chapters 1 and 4 |
Chapters 1 and 5 |
|
An exempt CAD firm or a local firm |
Chapters 1 and 9 |
Chapters 1 and 6 |
|
Chapters 1 and 11 |
|
Chapters 1 and 11 |
|
Chapters 1 and 13 |
|
Credit union which is a CTF provider |
Chapters 1 and 8 |
The assessment is a continuing process, starting when the scheme promoters first approach the appropriate regulator8 about a proposed scheme. Each regulator will have an interest in assessing the scheme.8Among the considerations that may be relevant to both the depth of consideration each gives to, and each regulator's8 opinion on, a scheme are:88(1) the potential risk posed by the transfer to its statutory objectives8;8(2) the purpose of the scheme;(3) how the security of policyholders'
The directions in IPRU-INV 4.4.1D to IPRU-INV 4.4.5D and IPRU-INV 4.5.1D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective that members’ agents1 have adequate financial resources to support, and keep and preserve adequate accounting records in respect of their business at Lloyd's.
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society,10fee-paying payment service providers and fee-paying electronic money issuers)107 calculated as follows:(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR and Part 1 of FEES 4 Annex 2BR2727 which apply to the business of the firm for the period specified in that annex;(2) for each of the applicable27 tariffs, calculate the sum payable in relation to the business of the firm
(1) Firms which are not participant firms (such as certain types of incoming EEA firms, service companies and ICVCs) are not required to contribute towards the funding of the compensation scheme.(2) Although a member is a participant firm for the purposes of most provisions of COMP, a member is excluded from the definition of participant firm for the purposes of FEES 6 (see definition of participant firm in Glossary). This is because the fees levied in relation to the carrying
Examples of the kind of particular considerations to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition include, but are not limited to, whether:1515(1) the firm has been open and co-operative in all its dealings with the FCA15and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply with the requirements and standards under the regulatory system