Related provisions for SUP 10C.12.10

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APER 4.1.2GRP
4In the opinion of the FCA3, conduct of the type described in APER 4.1.3G, APER 4.1.5G, APER 4.1.6G, APER 4.1.8G, APER 4.1.10G, APER 4.1.12G, APER 4.1.13G, APER 4.1.14G or APER 4.1.15G3 does not comply with Statement of Principle 1.
APER 4.1.3GRP
3Deliberately misleading (or attempting to mislead) by act or omission: (1) a client; or(2) his firm (or its auditors or an actuary appointed by his firm under SUP 4 (Actuaries) 1); or1(3) the FCA or the PRA;falls within APER 4.1.2G.
APER 4.1.4GRP
3Behaviour of the type referred to in APER 4.1.3G includes, but is not limited to, deliberately:(1) falsifying documents;(2) misleading a client about the risks of an investment;(3) misleading a client about the charges or surrender penalties of investment products;(4) misleading a client about the likely performance of investment products by providing inappropriate projections of future investment returns;(5) misleading a client by informing him that products require only a single
APER 4.1.6GRP
3Deliberately failing to inform, without reasonable cause:(1) a customer; or(2) his firm (or its auditors or an actuary appointed by his firm under SUP 4 (Actuaries)1); or1(3) the FCA or the PRA;66of the fact that their understanding of a material issue is incorrect, despite being aware of their misunderstanding, falls within APER 4.1.2G.
SUP 15.12.1RRP
A firm must notify the FCA, using the form in SUP 15 Annex 8R, where:(a) in any 12-month period, it has upheld three complaints about matters relating to activities carried out by any one employee when acting as a retail investment adviser; or(b) it has upheld a complaint about matters relating to activities carried out by any one employee when acting as a retail investment adviser, where the redress paid exceeds £50,000.(2) A notification made under (1)(a) must be made by the
SUP 15.12.2RRP
For the purpose of SUP 15.12.1R:(1) when calculating the number of complaints in SUP 15.12.1R(1)(a), the firm should exclude complaints previously notified to the FCA under this rule;(2) redress, under SUP 15.12.1R(1)(b), should be interpreted to include an amount paid, or cost borne, by the firm, where a cash value can be readily identified, and should include:(a) amounts paid for distress and inconvenience;(b) a free transfer out to another provider for which a transfer would
SUP 15.12.3RRP
Notifications under SUP 15.12.1R must be made electronically using a method of notification prescribed by the FCA.
FEES 6.5A.1RRP
The FSCS must allocate a compensation costs levy or specific costs levy, which has been allocated to the retail pool (under FEES 6.5.2-A R(2)):(1) to classes whose retail pool levy limit has not been reached as at the date of the levy;(2) in proportion to the relative sizes of the retail pool levy limits of the classes in (1); and(3) in accordance with the table in FEES 6 Annex 5.[Note: The retail pool levy limits for classes other than FCA provider contribution classes are the
FEES 6.5A.2RRP
(1) An allocation in FEES 6.5A.1 R to an FCA provider contribution class other than the home finance providers and administrators' contribution class may not be of an amount that, if it were added to any compensation costs levies or specific costs levies which have previously been imposed on the PRA funding class which corresponds to that FCA provider contribution class (as set out in FEES 6.5A.7 R) the combined figure would be greater than the levy limit of the corresponding
FEES 6.5A.6RRP
In relation to a specific costs levy or compensation costs levy allocated to an FCA provider contribution class in the retail pool, FEES 6.4.7A R (3) and FEES 6.5.6A R (3), respectively, are replaced by the following: "calculating, in relation to each relevant class, the participant firm's most recent regulatory costs arising from its membership of the corresponding activity group (as listed in FEES 4 Annex 1A R) set out in FEES 6.5A.7 R, as a proportion of the total most recent
FEES 6.5A.7RRP

The corresponding PRA funding classes and corresponding activity groups referred to in FEES 6.5A.2 R and FEES 6.5A.6 R respectively are as follows:

FCA provider contribution class

Corresponding PRA funding class

Corresponding activity group

Deposit acceptor's contribution class

Deposits

A.1: Deposit acceptors

Insurers - life contribution class

Life and pensions provision

A.4: Insurers - life

Insurers - general contribution class

General insurance provision

A.3: Insurers - general

Home finance providers and administrators' contribution class

None

A.2: Home finance providers and administrators
SUP 7.3.1GRP
The FCA5 expects to maintain a close working relationship with certain types of firm and expects that routine supervisory matters arising can be resolved during the normal course of this relationship by, for example, issuing individual guidance where appropriate (see SUP 9.3). However, where the FCA deems it appropriate, it will exercise its own-initiative powers:55(1) in circumstances where it considers it appropriate for the firm to be subject to a formal requirement, breach
SUP 7.3.2GRP
The FCA 5 may also5 seek to exercise its own-initiative powers in certain situations,5 including the following:55(1) If the FCA5 determines that a firm's management, business or internal controls give rise to material risks that are not fully addressed by existing requirements, the FCA5may seek to use its own-initiative powers.555(2) If a firm becomes or is to become involved with new products or selling practices which present risks not adequately addressed by existing requirements,
SUP 7.3.3GRP
Pursuant to sections 55L, 55N, 55O, 55P and 55Q of the Act, within the scope of its functions and powers, the FCA5may seek to impose requirements which include but are not restricted to:55(1) requiring a firm to submit regular reports covering, for example, trading results, management accounts, customer complaints, connected party transactions;(2) where appropriate, 5requiring a firm to maintain prudential limits, for example on large exposures, foreign currency exposures or liquidity
SUP 7.3.4GRP
The FCA5 will seek to give a firm reasonable notice of an intent to vary its permission or impose a requirement5 and to agree with the firm an appropriate timescale. However, if the FCA5 considers that a delay may create a risk to any of the FCA's statutory objectives5,3 the FCA5 may need to act immediately using its powers under section 55J and/or 55L5 of the Act5 with immediate effect.5535555
SUP 16.1.3RRP

Application of different sections of SUP 16 (excluding SUP 16.13, SUP 16.15, SUP 16.16 and SUP 16.17)6627

8889999

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1,SUP 16.2andSUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

an incoming EEA firm or incoming Treaty firm, which is not:

(i)

a firm of a type to which SUP 16.6 or 20SUP 16.1220 applies; or

(ii)

an insurer with permission to effect or carry outlife policies; or

(iii)3

a with to establish, operate or wind up a stakeholder pension scheme;14a firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme;14

(c)

a UCITS qualifier.

SUP 16.4 and SUP 16.52

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

an incoming EEA firm;

(c)

an incoming Treaty firm;

(d)

a non-directive friendly society;

(e)4

[deleted]4

(f)

a sole trader;

(g)

a service company;

(h)

a UCITS qualifier;8

8

(i)8

a firm with permission to carry on only retail investment activities;8

(j)8

a firm with permission to carry on only insurance mediation activity, home finance mediation activity,16 or both;8

16

(ja)30

an FCA-authorised person with permission to carry on only credit-related regulated activity;

(k)8

a firm falling within a combination of (i), (j) and (ja). 30

30

SUP 16.6

Bank

27

SUP 16.6.4 R to SUP 16.6.5 R

Depositary of an ICVC

SUP 16.6.6 R to SUP 16.6.9 G

36

Trustee of an AUT

SUP 16.6.6 R to SUP 16.6.9 G2628

Depositary of an ACS28

SUP 16.6.6 R to SUP 16.6.9 G28

33SUP 16.7A

A firm subject to the requirement in SUP 16.7A.3 R or SUP 16.7A.5 R

Sections as relevant

SUP 16.8

Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3

Entire section

3Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme14

14

Entire section3

SUP 16.95

Firm with permission to advise on investments; arrange (bring about) deals in investments; make arrangements with a view to transactions in investments; or arrange safeguarding and administration of assets5

Entire section5

SUP 16.109

All categories of firm except:9

Entire section9

(a)9

an ICVC;9

(b)9

a UCITS qualifier; 21

(c)9

a credit union; and219

21(d)

a dormant account fund operator.

32SUP 16.11

(1)

A firm, other than a managing agent, which is:

(a)

a home finance provider; or

Entire section

(b)

an insurer; or

Entire section

(c)

the operator of a regulated collective investment scheme or an investment trust savings scheme; or

Entire section

(d)

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product; or

Entire section

(e)

a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or

(2)

a firm in whom the rights and obligations of the lender under a regulated mortgage contract are vested.

The provisions governing performance data reports in SUP 16.11 and SUP 16 Annex 21

17SUP 16.12

A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G

Sections as relevant to regulated activities as listed in SUP 16.12.4 R23

232425SUP 16.14

A CASS large firm and a CASS medium firm

Entire section29

29SUP 16.18

A full-scope UK AIFM and a small authorised UK AIFM

SUP 16.8.3 R

34SUP 16.20

An IFPRU 730k firm and a qualifying parent undertaking that is required to send a recovery plan, a group recovery plan or information for a resolution plan to the FCA.

Entire Section

27Note 2 = The application of SUP 16.13 is set out under SUP 16.13.1 G;66 the application of SUP 16.15 is set out under SUP 16.15.1 G; the application of SUP 16.16 is set out SUP 16.16.1 R and SUP 16.16.2 R and the application of SUP 16.17 is set out in SUP 16.17.3 R and SUP 16.17.4 R66.

66

29Note 3 = The application of SUP 16.18 for the types of AIFMs specified in SUP 16.1.1C G is set out in SUP 16.18.2 G.
SUP 16.1.4GRP
(1) This chapter contains requirements to report to the FCA37 on a regular basis. These requirements include reports relating to a firm's financial condition, and to its compliance with other rules and requirements which apply to the firm. Where the relevant requirements are set out in another section of the Handbook, this chapter contains cross references. An example of this is financial reporting for insurers and friendly societies.6666(2) Where such requirements already apply
SUP 16.1.7GRP
66Where a PRA-authorised person is required to notify or provide any information to (a) the FCA37 by a PRA Handbook provision and (b) the FCA by the equivalent provision in the FCA Handbook, the PRA-authorised person is expected to comply with both provisions.
IFPRU 11.7.2RRP
A firm or qualifying parent undertaking must notify the FCA immediately if its management body considers that any of the following have occurred:(1) the assets of the firm or qualifying parent undertaking have become less than its liabilities; or(2) the firm or qualifying parent undertaking is unable to pay its debts or other liabilities as they fall due; or(3) there are objective reasons to support a determination that (1) or (2) will occur in the near future; or(4) extraordinary
IFPRU 11.7.3RRP
A firm must also notify the FCA immediately if its management body considers that: (1) the firm is failing to satisfy any of the threshold conditions, including due to the firm having incurred, or being likely to incur, losses that will deplete all, or a significant amount of, its own funds; or(2) there are objective elements to support a determination that the firm will fail to satisfy any of the threshold conditions in the near future.[Note: article 81(1) of RRD]
IFPRU 11.7.4RRP
A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.
PERG 7.3.4GRP
In the FCA's view, for a person to be carrying on the business of advising on investments or advising on a home finance transaction1 he will usually need to be doing so with a degree of regularity and for commercial purposes – that is to say, he will normally be expecting to gain some kind of a direct or indirect financial benefit. But, in the FCA's view it is not necessarily the case that advice provided free of charge will not amount to a business. Advice is often given 'free'
PERG 7.3.5GRP
Advice given in periodicals published from an establishment in the United Kingdom is regarded by the FCA as given in the United Kingdom. A similar approach is taken to advice given in, or by way of, a service provided from such an establishment.
PERG 7.3.6GRP
In other circumstances, advice issued remotely may still be given in the United Kingdom. For example, the FCA considers that advice is given in the United Kingdom if:(1) it is contained in a non-UK periodical that is posted in hard copy to persons in the United Kingdom;(2) it is contained in a non-UK periodical (or given in or by way of a service) which is made available electronically to such persons.
PERG 7.3.9GRP
Many people may be involved in the production of a periodical publication, news service or broadcast. But if the regulated activity of advising on investments or advising on a home finance transaction1 is being carried on so that authorisation is required, the FCA's view is that the person carrying on the activity (and who will require authorisation) is the person whose business it is to have the editorial control over the content. In the case of a periodical publication, this
SUP 13A.5.3GRP
(1) Before an EEA firm (other than7 an EEA firm that has received authorisation under article 18 of the auction regulation)3 exercises an EEA right to provide cross border services into the United Kingdom, the Act requires it to satisfy the service conditions, as set out in paragraph 14 of Part II of Schedule 3 to the Act. 1(2) For the purposes of paragraph 14(1)(b) of Part II of Schedule 3 to the Act, the information to be contained in the regulator's notice has been prescribed
SUP 13A.5.4-AGRP
6When the FCA receives a consent notice from the EEA firm'sHome State regulator in respect of a firm within paragraph 5(i) of Part I of Schedule 3 to the Act, it will, under paragraph 14(3ZA), use the information received from the EEA firm'sHome State regulator to enter the necessary information into the Financial Services Register.
SUP 13A.5.4AGRP
9Where the PRA receives a notice, it will give a copy to the FCA without delay and where the FCA receives a notice, it will give a copy to the PRA without delay, where relevant.
SUP 13A.5.5GRP
An EEA firm (other than an EEA UCITS management company)2 that has satisfied the service conditions in paragraph 14 of Part II of Schedule 3 to the Act is entitled to start providing cross border services into the United Kingdom. In the case of an EEA UCITS management company, FCA9 approval must first be obtained, as explained in SUP 13A.5.3 G (see also SUP 13A.3.1C G).2 However, an EEA firm that wishes to start providing cross border services but has not yet received notification
REC 2.15.3GRP
In determining whether a UK recognised body has effective arrangements for monitoring and enforcing compliance with its rules (including3 its settlement arrangements), the FCA3 may have regard to:33(1) the UK recognised body's ability to:(a) monitor and oversee the use of its facilities;(b) assess its members' compliance with its rules (and settlement arrangements, where appropriate);(c) assess the significance of any non-compliance;(d) take appropriate disciplinary action against
REC 2.15.4GRP
In assessing whether the procedures made by a UK recognised body to investigate complaints about the users of its facilities are satisfactory, the FCA3 may have regard to: 3(1) whether these procedures include arrangements which enable the UK recognised body to:(a) acknowledge complaints promptly;(b) consider and investigate these complaints objectively, promptly and thoroughly; (c) provide a timely reply to the complainant; and(d) keep adequate records of complaints and investigations;(2)
REC 2.15.5GRP
In assessing whether the arrangements include procedures for the fair, independent and impartial resolution of appeals against decisions of a UK recognised body, the FCA3 may have regard to at least the following factors: 3(1) the appeal procedures of the UK recognised body, including the composition and roles of any appeal committees or tribunals, and their relationship to the governing body; (2) the arrangements made to ensure prompt hearings of appeals from decisions made by
REC 2.15.6GRP
In assessing whether a UK recognised body's arrangements include appropriate provision for ensuring the application of any financial penalties in ways described in the recognition requirement, the FCA3 may have regard to: 3(1) the UK recognised body's policy regarding the application of financial penalties; (2) the arrangements made for applying that policy in individual cases; but the FCA3 does not consider that it is necessary for UK recognised bodies to follow any specific
CASS 12.2.2GRP
The FCA understands that in complying with condition 2(g) of the Part 30 exemption order, a firm is representing that it will not:(1) make use of the opt-out arrangements in CASS 7.1.7C G to CASS 7.1.7G G; or(2) conduct business to which the client money rules do not apply because of the exemption for CRD credit institutions and approved banks in CASS 7.1.8 R to CASS 7.1.11A R; or(3) enter into any arrangement relating to the transfer of full ownership of the client's money to
CASS 12.2.3GRP
For firms with exemptive relief under the Part 30 exemption order, the CFTC has issued certain no-action letters which, on the FCA's understanding, would allow such firms to use an LME bond arrangement as an alternative to complying with condition 2(g) of the Part 30 exemption order. Under an LME bond arrangement, a firm may arrange for a binding letter of credit to be issued to cover the 'secured amount' (as defined by section 30.7 of the General Regulations under the US Commodity
CASS 12.2.5RRP
A firm must notify the FCA immediately if it arranges the issue of a letter of credit for a specified client who is the named beneficiary under an LME bond arrangement.
CASS 5.5.6GRP
The FCA expects that in most circumstances it will be practicable for a firm to pay client money into a client bank account by not later than the next business day after receipt.
CASS 5.5.37GRP
The FCA generally requires a firm to place client money in a client bank account with an approved bank. However, a firm which is an approved bank must not (subject to CASS 5.1.1 R (2)(e)) hold client money in an account with itself.
CASS 5.5.61RRP
On the failure of a third party with which client money is held, a firm must notify the FCA:(1) as soon as it becomes aware, of the failure of any bank, other broker or settlement agent or other entity with which it has placed, or to which it has passed, client money; and(2) as soon as reasonably practical, whether it intends to make good any shortfall that has arisen or may arise and of the amounts involved.
CASS 5.5.76RRP
A firm must notify the FCA immediately if it is unable to, or does not, perform the calculation required by CASS 5.5.63 R (1)2.
CASS 5.5.77RRP
A firm must notify the FCA immediately it becomes aware that it may not be able to make good any shortfall identified by CASS 5.5.63 R (1)2 by the close of business on the day the calculation is performed and if applicable when the reconciliation is completed2.
DEPP 4.2.1GRP
If FCA2 staff recommend that action be taken and they consider that the decision falls within the responsibility of a senior staff committee:2(1) in general the FCA2 staff's recommendation will go before the senior staff committee;2(2) in urgent statutory notice cases for which a senior staff committee is responsible, the decision to give the statutory notice may be taken by the chairman or, if he is unavailable, a deputy chairman of the senior staff committee, and, if it is practicable,
DEPP 4.2.2GRP
In the circumstances described in DEPP 4.2.1 G (4) the FCA2 considers that it may be necessary for an FCA2 director of division or member of a senior staff committee to take the decision to give a supervisory notice even if he has been involved in establishing the evidence on which the decision is based, as permitted by section 395(3) of the Act. Where practicable, however, FCA2 staff will seek to ensure that the FCA2 director or committee member has not been so involved.2222
EG 19.24.1RP
1The Cross-Border Payments in Euro Regulations lay down rules on cross-border payments in euros, to ensure that compliance with the EU Cross-Border Regulation is guaranteed by effective, proportionate and dissuasive sanctions. The main aim of the EU Cross-Border Regulation is to ensure that the charges for cross-border payments in euro are equal to the charges for identical national payments in euro within a Member State. The Cross-Border Payments in Euro Regulations give the
EG 19.24.2RP
1The FCA's policy for using the powers given to it by the Cross-Border Payments in Euro Regulations is the same as its policy for using the equivalent powers given to it by the Payment Services Regulations, set out in EG 19.20.1 to 19.22.8, as, for the most part, these powers are very similar. As the Payment Services Regulations, for the most part, mirror the FCA's investigative, sanctioning and regulatory powers under the Act, the FCA will therefore adopt enforcement procedures
EG 3.2.1RP
1The FCA may use its section 165 power to require information and documents from firms to support both its supervisory and its enforcement functions.
EG 3.2.2RP
1An officer with authorisation from the FCA may exercise the section 165 power to require information and documents from firms. This includes an FCA employee or an agent of the FCA.
DEPP 3.4.3GRP
In an exceptionally urgent case the decision to give a supervisory notice may be taken by a member of the FCA's1 executive of at least director of division level if:1(1) FCA1 staff consider that the action should be taken before a recommendation to the Chairman or a Deputy Chairman of the RDC can be made; and1(2) an urgent decision on the proposed action is necessary to protect the interests of consumers.
DEPP 3.4.4GRP
In the circumstances described in DEPP 3.4.3 G, the FCA1 considers that it may be necessary for an FCA1 director of division to take the decision to give the supervisory notice even if he has been involved in establishing the evidence on which the decision is based, as permitted by section 395(3) of the Act. Where practicable, however, FCA1 staff will seek to ensure that the FCA1 director has not been so involved.1111
FEES 12.4.1GRP
The FCA may reduce or remit all or part of the FOS ADR levy applicable to FOS Ltd if it appears to the FCA that in the exceptional circumstances of a particular case paying all or part of it would be inequitable.
FEES 12.4.2GRP
The FCA may refund all or part of the FOS ADR levy applicable to FOS Ltd if it appears to the FCA that in the exceptional circumstances of a particular case retaining all or part of the FOS ADR levy applicable to FOS Ltd would be inequitable.
DEPP 6A.3A.1GRP
1The FCA will consider all the relevant circumstances when it determines the period of limitation. Set out below is a list of factors that may be relevant for this purpose. The list is not exhaustive: not all of these factors may be applicable and there may be other factors, not listed, that are relevant.
DEPP 6A.3A.2GRP
1The following factors may be relevant when determining the period of limitation: (1) whether the FCA may be minded to reapprove the approved person in the future, for example if the approved person takes action specified by the FCA during the period of limitation;(2) the approved person's expected lost earnings if the FCA imposes a short period of limitation; (3) whether imposing a short period of limitation would cause the approved person serious financial hardship.
EG 5.6.1RP
1The FCA is committed to mediating appropriate cases; mediation and the involvement of a neutral mediator may help the FCA to reach an agreement with the person subject to enforcement action in circumstances where settlement might not otherwise be achieved or may not be achieved so efficiently and effectively.
EG 5.6.2RP
1Further information about the FCA's approach to mediation and the mediation process are set out on our web site.
REC 2A.2.1UKRP

Recognised Auction Platforms Regulations, regulation 13

(1) In considering whether [an RAP] or applicant satisfies the [RAP recognition requirements], the [FCA1] may-

(a) treat compliance by the [RAP] or applicant with the [recognition requirements or MiFID implementing requirements] applying to it as a [UK RIE] as conclusive evidence that the [RAP] or applicant satisfies any equivalent [RAP recognition requirements] applying to it under these [RAP regulations], taking into account any arrangements that would be necessary to meet the [RAP recognition requirements], and

(b) take into account all relevant circumstances including the constitution of the person concerned.

1

(2) Without prejudice to the generality of paragraph (1), [an RAP] or applicant may satisfy [RAP recognition requirements] by making arrangements for functions to be performed on its behalf by any other person.

(3) Where [an RAP] or applicant makes arrangements of the kind mentioned in paragraph (2), the arrangements do not affect the responsibility imposed by these [RAP regulations] on the [RAP] or applicant to satisfy the [RAP recognition requirements], but it is in addition [an RAP recognition requirement] applying to the [RAP] or applicant that the person who performs (or is to perform) the functions is a fit and proper person who is able and willing to perform them.
REC 2A.2.2GRP
The FCA1 will request information from an RAP or RAP applicant in order to determine whether it meets the RAP recognition requirements.1
DEPP 8.4.1GRP
1The FCA may impose a variation of approval to take effect immediately, or on a specified date, if it reasonably considers that this is necessary having regard to the reasons for which it is exercising the own-initiative variation of approval power.
DEPP 8.4.2GRP
The FCA will consider exercising its own-initiative variation of approval power as a matter of urgency where:(1) the information available to it indicates serious concerns about the SMF manager or their firm that need to be addressed immediately; and(2) circumstances indicate that it is appropriate to use statutory powers immediately to require and/or prohibit certain actions by the SMF manager to ensure these concerns are addressed.