Related provisions for CONC 6.3.2

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PERG 2.4.9GRP
4Whether a credit agreement or consumer hire agreement is subject to the law of a country outside the United Kingdom is immaterial to whether an activity is credit broking, see PERG 2.7.7E G.
CONC 2.2.2GRP
Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. Examples of behaviour by or on behalf of a firm which is likely to contravene Principle 6 include:(1) targeting customers with regulated credit agreements which are unsuitable for them, by virtue of their indebtedness, poor credit history, age, health, disability or any other reason;(2) subjecting customers to high-pressure selling, aggressive or oppressive behaviour, or unfair
TC App 1.1.1RRP

1Activity

Products/Sectors

Is there an appropriate qualification4requirement?

4

Designated investment business carried on for a retail client

Providing basic advice

1.

Stakeholder products excluding a deposit-based stakeholder product

No

Advising

2.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

3.

Derivatives

Yes2

4.

Packaged products6Retail investment products6 which are not broker funds

Yes2

5.

Friendly Societylife policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales

No2

6.

Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5

Yes2

7.

Long-term care insurance contracts

Yes2

8.

Investments in the course of corporate finance business

Yes2

9.

Advising on syndicate participation at Lloyd's

Yes2

Undertaking the activity in column 2

10.

Broker fund adviser

Yes

11.

Pension transfer specialist

Yes2

Advising and dealing

12.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

13.

Derivatives

Yes2

4Dealing

13A.8

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

No

413B.8

Derivatives

No

8MiFID business bidding

13C.

Emissions auction products that are financial instruments

No

Managing

14.

Investments

Yes

Overseeing on a day-to-day basis

15.

Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme

Yes

16.

Safeguarding and administering investments or holding client money

Yes2

17.

Administrative functions in relation to managing investments

Yes2

18.

Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies

Yes2

19.

Administrative functions in relation to the operation of stakeholder pension schemes

Yes2

Mortgage Activity10 and reversion activity carried on for a customer

10

910Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another.

See Note 3, which for the avoidance of doubt forms part of this rule.

20

Regulated mortgage contracts for a non-business purpose

Yes

20A

Regulated mortgage contracts for a business purpose

No

21

Equity release transactions

Yes

9Designing scripted questions for execution-only sales

21A

Regulated mortgage contracts for a non-business purpose

Yes

21B

Regulated mortgage contracts for a business purpose

No

22

Equity release transactions

Yes

Overseeing execution-only sales on a day-to-day basis9

9

23.

Equity release transactions

Yes

Non-investment insurance business carried on for a consumer

Advising

24.

Non-investment insurance contracts

No

3Regulated sale and rent back activity carried on for a customer

Advising

25.

Regulated sale and rent back agreements

No

Overseeing an execution-only sale10 on a day-to-day basis

10

26.

Regulated sale and rent back agreements

No

Notes:

1.

In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.

2.

Thus, for example, paragraph 24consistent with the heading above it3, refers only to advice on non-investment insurance contracts given to a consumer.10

3

103.

For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column:

(a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and

(b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3).

MCOB 6.1.4RRP
In relation to a lifetime mortgage3, this chapter, MCOB 6, is modified by MCOB 9 (Equity release3: product disclosure).233
CONC 5A.2.9GRP
For the purposes of this chapter, where a lender allows a borrower to make a number of drawdowns of credit (which may be expressed to be possible up to a specified amount of credit) but only with the lender's consent to each respective drawdown, each drawdown is a separate agreement for high-cost short-term credit and each agreement needs to be documented as a separate regulated credit agreement in accordance with the CCA and with the rest of CONC. This chapter applies to each
CASS 3.1.8GRP
2A prime brokerage firm is reminded of the additional obligations in CASS 9.3.1R which apply to prime brokerage agreements.
CONC 5A.3.9GRP
For the purposes of this chapter, where a lender allows a borrower to make a number of drawdowns of credit (which may be expressed to be possible up to a specified amount of credit) but only with the lender's consent to each respective drawdown, each drawdown is a separate agreement for high-cost short-term credit and each agreement needs to be documented as a separate regulated credit agreement in accordance with the CCA and with the rest of CONC. This chapter applies to each
MCOB 8.3.1RRP
(1) 3(a) 3Subject to (c),4MCOB 4.1 to MCOB 4.6A4 (with the modifications stated in MCOB 8.3.2B R to4MCOB 8.3.4 R) apply to a firm where the home finance transaction is a lifetime mortgage.343(b) MCOB 4.1 to MCOB 4.4A4 (with the modifications stated inMCOB 8.3.2B R to4MCOB 8.3.4 R) apply to a firm where the home finance transaction is a home reversion plan, except for those provisions that by their nature are only relevant to regulated mortgage contracts.34(c) MCOB 4.6A applies
DISP App 3.6.2ERP
In the absence of evidence to the contrary, the firm should presume that the complainant would not have bought the payment protection contract he bought if the sale was substantially flawed, for example where the firm:(1) pressured the complainant into purchasing the payment protection contract; or(2) did not disclose to the complainant, in good time before the sale was concluded, and in a way that was fair, clear and not misleading, that the policy was optional; or(3) made the
DISP App 3.1.1GRP
(1) 1This appendix sets out how a firm should handle complaints relating to the sale of a payment protection contract by the firm which express dissatisfaction about the sale, or matters related to the sale, including where there is a rejection of claims on the grounds of ineligibility or exclusion (but not matters unrelated to the sale, such as delays in claims handling).(2) It relates to the sale of any payment protection contract whenever the sale took place and irrespective
GEN 4.2.2GRP
There are other pre-contract information requirements outside this chapter, including:(1) for financial promotions, inthe financial promotion rules;55(2) for designated investment business, inCOBS 8 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information)5 and CASS (Client assets);5(3) for non-investment insurance contracts3, distance communication requirements
MCOB 7.1.8RRP
In relation to a lifetime mortgage2, this chapter is modified by MCOB 9 (Equity release2: product disclosure).1222
MCOB 4.8A.7RRP
A firm must not enter into or arrange an execution-only sale for a regulated mortgage contract if:(1) the customer is intending to use it to exercise a statutory “right to buy” the customer's home; or(2) the main purpose of the customer's entering into it is to raise funds for debt consolidation; or(3) there is spoken or other interactive dialogue between the firm and the customer at any point during the sale.
CONC 3.3.3RRP
(1) A firm must not in a financial promotion or a communication to a customer state or imply3 that credit is available regardless of the customer’s financial circumstances or status.[Note: paragraphs 3.7o of CBG and 5.2 of ILG](2) This rule does not apply to a financial promotion or communication relating to a credit agreement under which a person takes an article in pawn and the customer’s total financial liability (including capital, interest and all other charges) is limited
CONC 7.18.7RRP
(1) Subject to (2), where the total amount which the borrower has failed to pay in relation to the last two payments due under the agreement prior to the date on which the firm came under a duty to give the borrower a notice under CONC 7.18.3 R is not more than £2, the notice:(a) need not include any of the information or statements referred to in CONC 7.18.4 R;(b) but, in that event, shall contain a statement in the following form:"You have failed to make two minimum paymentsFailing
GEN 7.1.7GRP
An effect of GEN 7.1.1R and GEN 7.2.1R is that this chapter applies for contracts by which a firm provides, or agrees to provide, credit broking services. In particular, this chapter applies where a telephone line is operated by a credit broker so that following the entry into a contract for the provision of credit broking services, a customer is able to contact the firm with a view to entering into a credit agreement or a consumer hire agreement.
BIPRU 5.7.6RRP
Subject to BIPRU 5.7.9 R, for the credit protection deriving from a guarantee or credit derivative to be recognised the following conditions must be met:(1) the credit protection must be direct;(2) the extent of the credit protection must be clearly defined and incontrovertible;(3) the credit protection contract must not contain any clause, the fulfilment of which is outside the direct control of the lender, that:(a) would allow the protection provider unilaterally to cancel the