Related provisions for MCOB 9.4.138
241 - 260 of 392 items.
(1) Business plan failure in the context of reverse stress testing should be understood as the point at which the market loses confidence in a firm and this results in the firm no longer being able to carry out its business activities. Examples of this would be the point at which all or a substantial portion of the firm's counterparties are unwilling to continue transacting with it or seek to terminate their contracts, or the point at which the firm's existing shareholders are
(1) A
firm which holds client money can discharge its obligation
to ensure adequate protection for its clients in
respect of such money by complying
with CASS
5.3 which provides for such money to
be held by the firm on the terms
of a trust imposed by the rules.(2) The
trust imposed by CASS
5.3 is limited to a trust in respect of client money which a firm receives
and holds. The consequential and supplementary requirements in CASS
5.5 are
designed to secure the proper segregation
Examples of conduct that may contravene CONC 7.14.10 R would, depending on the circumstances, include where following an unacceptable offer a firm immediately:(1) sends field agents to visit the customer or communicates to the customer that it will do so;[Note: annex A5 (box) to DCG](2) substantially increases the rate of interest or imposes a substantial charge or communicates that is will do either of those things.
(1) 3The effect of COLL 7.3.10 R (1), if exercised by the directors of the ICVC, is that the ACD must continue to prepare annual and half-annual long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates at six-monthly or more frequent intervals.
1The FCA has power to apply to the court for a restitution order under section 382 of the Act and (in the case of market abuse) under section 383 of the Act. It also has an administrative power to require restitution under section 384 of the Act. When deciding whether to exercise these powers, the FCA will consider whether this would be the best use of the FCA's limited resources taking into account, for example, the likely amount of any recovery and the costs of achieving and
As a result of this chapter and CONC 3:(1) a financial promotion is not subject to CONC 3to the extent that it relates to qualifying credit; and(2) where a firm makes a communication which consists of a financial promotion of qualifying credit and a financial promotion of a different form of lending that is not qualifying credit (for example, an unsecured personal loan), the content of the latter will need to comply with CONC 3.
1In addition, the FCA will consider, where relevant, factors including: (1) the extent to which the financial difficulties are, or are likely to be attributable to the management of the company or partnership, or to external factors, for example, market forces; (2) the extent to which it appears to the FCA that the company or partnership may, through an administrator, be able to trade its way out of its financial difficulties; (3) the extent to which the company or partnership
It may be necessary for both the relevant shareholder and proxy holder to make a notification. For example, if a direct holder of shares has a notifiable holding of voting rights and gives a proxy in respect of those rights (such that the recipient has discretion as to how the votes are cast) then for the purposes of DTR 5.1.2 R this is a disposal of such rights giving rise to a notification obligation. The proxy holder may also have such an obligation by virtue of his holding
If the person with or for whom the firm is carrying on an activity is acting through an agent, the ability of the firm to treat the agent as its client under COBS 2.4.3 R3 (Agent as client) will not be available. For example, if a general insurer is effecting a general insurance contract through a general insurance broker who is acting as agent for a disclosed policyholder, the policyholder will be a client of the firm and the firm must comply with the Principles accordingly.
An example of BIPRU 8.5.2 G is as follows. Say that the undertaking at the head of a BIPRU firm's4UKgroup is a parent financial holding company in a Member State. One of its subsidiary undertakings is the firm4. The parent financial holding company in a Member State also has an insurer as a subsidiary undertaking. That insurer has several BIPRU firms4 as subsidiary undertakings. Say that the UKgroup is not a financial conglomerate. The UK consolidation group will include the parent
1The FCA will exercise its rights under sections 362, 371 and 374 of the Act to be heard on a third party's petition or in subsequent hearings only where it believes it has information that it considers relevant to the court's consideration of the petition or application. These circumstances may include: (1) where the FCA has relevant information which it believes may not otherwise be drawn to the court's attention; especially where the FCA has been asked to attend for a particular
In this chapter, ancillary banking services include, for example, the provision and operation of cash machines, foreign currency exchange, safe deposit boxes and account aggregation services (services where details of accounts held with different financial service providers can be accessed by a single password).417417
In considering the information communicated to the complainant and the complainant's information needs, the evidence to which a firm should have regard includes:(1) the complainant's individual circumstances at the time of the sale (for example, the firm should take into account any evidence of limited financial capability or understanding on the part of the complainant);(2) the complainant's objectives and intentions at the time of the sale;(3) whether, from a reasonable customer's
(1) MCOB 10.4.2 R means, for example, that the following charges must be included within the total charge for credit:(a) any fee payable to a mortgage intermediary for arranging the contract (see MCOB 10.4.2 R(2)); and(b) any higher lending charge.(2) The FCA takes the view that charges required to be included within the total charge for credit should not be excluded on the basis of these charges being refundable in certain circumstances. (3) The FCA also takes the view that the
1The decision whether to initiate criminal and other proceedings under these Acts will be taken in accordance with the procedure described in EG 12.1.7. Under section 18 IPSA65, a society may appeal certain decisions of the FCA relating to the refusal, cancellation or suspension of a society’s registration to the High Court or, in Scotland, the Court of Session. Refusals to register a branch or to register the amendment of a society’s rules and cancellations or suspensions of
1The FCA resolves many enforcement cases by settlement. Early settlement has many potential advantages as it can result, for example, in consumers obtaining compensation earlier than would otherwise be the case, the saving of FCA and industry resources, messages getting out to the market sooner and a public perception of timely and effective action. The FCA therefore considers it is in the public interest for matters to settle, and settle early, if possible.