Related provisions for IFPRU 7.1.7

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

EG 9.8.1RP
1The FCA may consider taking disciplinary action against a firm that has not taken reasonable care, as required by section 56(6) of the Act, to ensure that none of that firm's functions in relation to carrying on of a regulated activity is performed by a person who is prohibited from performing the function by a prohibition order. The FCA considers that a search by a firm of the Financial Services Register is an essential part of the statutory duty to take reasonable care to ensure
APER 1.2.3GRP
The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the FCA3, do or2 do not comply with a Statement of Principle2. The Code of Practice for Approved Persons also sets out, in certain cases, factors which, in the opinion of the FCA3, are to be taken into account in determining whether or not an approved person's conduct complies with a Statement of Principle.2323
IFPRU 10.5.1RRP
When a firm does not meet the combined buffer, it must prepare a capital conservation plan and submit it to FCA no later than five business days after the firm identified that it did not meet the combined buffer. [Note: article 142(1) of CRD]
COCON 2.1.3RRP
Rule 3: You must be open and cooperative with the FCA, the PRA and other regulators.
IFPRU 4.1.2GRP
This chapter:(1) implements article 78 of CRD;(2) contains the rules that exercise the discretion afforded to the FCA as competent authority under articles 115, 119(5), 124(2), 125(3), 126(2), 178(1)(b), 243(2), 244(2), 286(2), 298(4) and 380 of the EU CRR; and(3) contains the guidance in relation to the IRB approach, securitisation, counterparty credit risk and credit risk mitigation.
EG 2.6.1RP
2The FCA views co-operation with its overseas counterparts as an essential part of its regulatory functions. Section 354A of the Act imposes a duty on the FCA to take such steps as it considers appropriate to co-operate with others who exercise functions similar to its own. This duty extends to authorities in the UK and overseas. In fulfilling this duty the FCA may share information which it is not prevented from disclosing, including information obtained in the course of the
REC 3.11.1RRP
On:(1) the presentation of a petition for the winding up of a UK recognised body (or the commencement of any similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom); or(2) the appointment of a receiver, administrator, liquidator, trustee or sequestrator of assets of that body (or of any similar or analogous appointment under the laws of a jurisdiction outside the United Kingdom); or(3) the making of a voluntary arrangement by that body with
DISP 3.8.3RRP
So long as he has regard to the parties' rights of privacy, the Ombudsman may disclose information to the FCA5 or any other body exercising regulatory or statutory functions for the purpose of assisting that body or the Financial Ombudsman Service to discharge its functions.245
IFPRU 3.3.1GRP
The FCA does not expect that it will waive the application of the Basel 1 floor as contemplated in article 500(2) of the EUCRR.
IPRU-INV 9.4.3RRP
If a professional indemnity insurance policy is denominated in any currency other than euros, an exempt CAD firm must take reasonable FCA steps to ensure that the limits of indemnity are, when the policy is effected and at renewal, at least equivalent to those required for the purposes of the rules relating to professional indemnity insurance above.
EG 4.3.1RP
1In investigations into possible insider dealing,market abuse, misleading statements and practices offences, breaches of the general prohibition, the restriction on financial promotion, or the prohibition on promoting collective investment schemes, the investigator may not know the identity of the perpetrator or may be looking into market circumstances at the outset of the investigation rather than investigating a particular person. In those circumstances,
IPRU-INV 2.2.2GRP
Firms are reminded that: (1) requirements relating to the systems and controls which firms must establish and maintain for ensuring compliance with financial resources and other requirements are set out in SYSC. (2) the financial reports that a firm is required to make to the FCA are set out in SUP 16.
IFPRU 4.9.1GRP
To be satisfied that the credit risk stress test undertaken by a firm under article 177(2) of the EU CRR is meaningful and considers the effects of severe, but plausible, recession scenarios, the FCA would expect the stress test to be based on an economic cycle that is consistent with IFPRU 2.2.73G(1)(b) (see article 177(2) of the EU CRR)
PRIN 2.1.1RRP

The Principles

1 Integrity

A firm must conduct its business with integrity.

2 Skill, care and diligence

A firm must conduct its business with due skill, care and diligence.

3 Management and control

A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

4 Financial prudence

A firm must maintain adequate financial resources.

5 Market conduct

A firm must observe proper standards of market conduct.

6 Customers' interests

A firm must pay due regard to the interests of its customers and treat them fairly.

7 Communications with clients

A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

8 Conflicts of interest

A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.

9 Customers: relationships of trust

A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.

10 Clients' assets

A firm must arrange adequate protection for clients' assets when it is responsible for them.

11 Relations with regulators

A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice.
EG 6.7.1RP
1Where the behaviour to which a decision notice, final notice, civil action, or criminal action relates has occurred in the context of a takeover bid, the FCA will consult the Takeover Panel over the timing of publication if the FCA believes that publication may affect the timetable or outcome of that bid, and will give due weight to the Takeover Panel's views.
EG 3.5.1RP
1If the FCA has decided to carry out an investigation where there are circumstances suggesting that contraventions set out in section 97 may have happened, it will normally appoint investigators pursuant to that section. An investigator appointed under section 97 is treated under the Act as if they were appointed under section 167(1).
IFPRU 10.6.3RRP
A firm controlled by a parent financial holding company in a Member State or a parent mixed financial holding company in a Member State must comply with this chapter on the basis of the consolidated situation of that holding company in the FCA consolidation group.
COCON 2.2.4RRP
SC4: You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice.
EG 2.7.1RP
1The FCA may be alerted to possible contraventions or breaches by complaints from the public or firms, by referrals from other authorities or through its own enquiries and supervisory activities. Firms may also bring their own contraventions to the FCA's attention, as they are obliged to do under Principle 11 of the Principles for Businesses and rules in the FCA's Supervision manual.
CASS 12.1.2GRP
United States ('US') legislation restricts the ability of non-US firms to trade on behalf of customers resident in the US ('US customers') on non-US futures and options exchanges. The relevant US regulator (the CFTC) operates an exemption system for firms authorised under the Act. Under the Part 30 exemption order, eligible firms may apply for confirmation of exemptive relief from Part 30 of the General Regulations under the US Commodity Exchange Act. In line with this system,