Related provisions for BIPRU 2.3.6

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

3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
(1) FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. 30(2) FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer.30(3) FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example:3330(a) 33various application fees (including those in relation to authorisation,
24FEES 10 (Pensions guidance levy) relates to the pensions guidance levy.
25FEES 11 (Pensions guidance providers’ levy) relates to the pensions guidance providers’ levy.
29FEES 1 and 11 apply to a designated guidance provider.
SUP 16.1.1ADRP
22The directions and guidance in SUP 16.13 apply to an authorised payment institution and a small payment institution.
SUP 16.1.1BDRP
27The directions and guidance in SUP 16.15 apply to electronic money issuers that are not credit institutions.
SUP 16.1.1CGRP
31The directions and guidance in SUP 16.18 apply for the following types of AIFM:(1) a small registered UK AIFM;(2) an above-threshold non-EEA AIFMmarketing in the UK; and(3) a small non-EEA AIFMmarketing in the UK.
SUP 16.1.1EDRP
39The rules, directions and guidance in SUP 16.22 apply to a payment service provider located in the UK other than: (1) a credit union;(2) National Savings and Investments; and(3) the Bank of England.
SUP 16.1.3RRP
Application of different sections of SUP 16 (excluding SUP 16.1352SUP 16.16,39 SUP 16.17 and SUP 16.2239)27(1) Section(s)(2) Categories of firm to which section applies(3) Applicable rules and guidanceSUP 16.1,SUP 16.2andSUP 16.3All 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;
PERG 8.17-A.1GRP
Section 21 of the Act applies to financial promotions in relation to relevant consumer credit and consumer hire. This section sets out guidance about such financial promotions.
PERG 8.17-A.6GRP
Operating an electronic system in relation to lending is a controlled activity. For the purposes of this controlled activity, the controlled investment of rights under a relevant credit agreement includes rights under an agreement within paragraph 4C(4) of Schedule 1 to the Financial Promotion Order (which is similar to an agreement within article 36H of the Regulated Activities Order, guidance on which is given in PERG 2.7.10 G).
PERG 8.17-A.8GRP
The controlled activities in PERG 8.17-A.6 G and PERG 8.17-A.7 G are substantially the same as the regulated activities of operating an electronic system in relation to lending, credit broking, debt adjusting and debt counselling (although 2an activity is not the controlled activity of credit broking to the extent that it constitutes the controlled activity of arranging qualifying credit). Guidance on these regulated activities is given in PERG 2.7.7E G (credit broking), PERG
PERG 8.17-A.9GRP
Financial promotions about relevant consumer credit or consumer hire are subject to the exemptions in Part IV of the Financial Promotion Order (Exempt communications: all controlled activities). A number of the exemptions in Part VI of the Financial Promotion Order (Exempt communications: certain controlled activities) also apply. Guidance on some of these (which apply to financial promotions about both qualifying credit and relevant consumer credit) is given in PERG 8.17.10 G
6The guidance in COND 2.3 should be read as applying to both paragraph 2C of Schedule 6 of the Act and, as far as relevant to the discharge by the FCA of its functions under the Act in respect of firms carrying on, or seeking to carry on, a PRA-regulated activity, paragraph 3B of Schedule 6 of the Act.
6Firms carrying on, or seeking to carry on, a PRA-regulated activity, should note that the PRA is also responsible for assessing effective supervision under its own threshold conditions. Paragraphs 4F and 5F of Schedule 6 to the Act set out the effective supervision threshold conditions which are relevant to the discharge by the PRA of its functions under the Act in relation to firms carrying on, or seeking to carry on, a PRA-regulated activity. For the avoidance of doubt, this
5Paragraphs 2C(2)(e) and (f) and 3B(2)(e) and (f)6 of Schedule 6 to the Act reflect legislation initially introduced in the Post-BCCI Directive, which defines close links, in part, by reference to participation. Recital 5 of the Post-BCCI Directive gives further guidance on what is meant by ‘participation’ for the purposes of the directive. It states that the sole fact of having acquired a significant proportion of a company’s capital does not constitute participation for the
COND 2.3.12GRP
The guidance in COND 2.3 is not comprehensive and is not a substitute for consulting the relevant legislation, for example the Companies Act 2006,4 the Friendly Societies Act 1992 and the Seventh Company Law Directive, or obtaining appropriate professional advice.4
COBS 19.4.6GRP
3An example of behaviour that is likely to contravene the client's best interests rule or Principle 6 and may contravene other Principles is for a firm to actively discourage a retail client from using the pensions guidance, for example by:(1) leading the client to believe that using the pensions guidance is unnecessary or would not be beneficial; or(2) obscuring the statement about the availability of the pensions guidance or any other information relevant to the exercise of
COBS 19.4.7RRP
3If a firm receives an application from a retail client to access some or all of the proceeds of a personal pension scheme, stakeholder pension scheme, FSAVC, retirement annuity contract or pension buy-out contract, the firm must provide the client with a description of the tax implications before the client accesses those proceeds.
General guidance on the perimeter is also contained in various FCA documents (mainly fact sheets and frequently asked questions) that are available on the FCA website at documents, and the URL on which they may be accessed, include:(1) [deleted]612446(2) [deleted]212(3) [deleted](4) [deleted]313(5) [deleted]313(6) [deleted]313(7) guidance about the position under the Insurance Mediation Directive and the Regulated Activities Order of the company appointed
Any person who, having read relevant general guidance and, where appropriate, taken legal advice, remains uncertain about whether his activities amount to regulated activities or his communications will be subject to the restriction in section 21 of the Act, may seek individual guidance from the FCA. Requests for individual guidance should be made in line with SUP 9.
In addition, the FCA has established a team to provide general assistance and guidance to persons generally about the scope of the Act. Enquiries of this kind may be made:(1) by authorised firms, to either the Contact Centre (email, Tel 0300 500 05977) or their normal supervisory contact; or77(2) by individuals or non-authorised firms, to the Consumer Contact Centre (email, Tel 0800 111 6768 ).8
The FCA will review its general guidance from time to time and may need to amend or withdraw published or written guidance in the light of changing circumstances, developing business practices, or case law. For the status of guidance issued by the FCA, see PERG 1.3.1 G.
SUP 15.1.3AGRP
7The guidance in SUP 15.13 applies to all CBTL firms whether or not they are also firms.
SUP 15.1.5GRP
Firms are reminded that, unless expressly stated otherwise, where a rule or guidance includes a reference to a firm this includes all UK and overseas branches and representative offices of that firm, whether or not those branches or offices carry on any regulated activities.44
PERG 8.17.1GRP
Section 21 applies to financial promotions concerning agreements for qualifying credit and relevant consumer credit.4PERG 8.17.1A G to PERG 8.17.18 G has guidance about the treatment of financial promotionsconcerning agreements for qualifying credit. PERG 8.17-AG has guidance about financial promotions concerning relevant consumer credit.42424
Section 21 also applies to financial promotions concerning home reversion plans,3home purchase plans and regulated sale and rent back agreements3. Guidance on these activities and related financial promotions is given in PERG 14 (Guidance on home reversion, home purchase and regulated sale and rent back3activities).2
PERG 8.17.19GRP
4Rights under a relevant credit agreement are also a controlled investment. A relevant credit agreement is a credit agreement other than a regulated mortgage contract or a regulated home purchase plan. Entering into a relevant credit agreement as lender, or exercising or having the rights to exercise the rights of the lender under such an agreement, is a controlled activity under paragraph 10BA of Schedule 1 to the Financial Promotion Order, except where the agreement is for the
PERG 8.17.20GRP
4CONC 3 contains rules about financial promotions relating to credit-related regulated activity. CONC 3 does not apply, however, to the communication, or approval for communication, of a financial promotion to the extent it concerns qualifying credit. MCOB 3A5 applies to the communication or approval of a financial promotion of qualifying credit. This means that a financial promotion about credit will not usually be subject to both MCOB 3A5 and CONC 3 unless it is about secured
Table of application, notification, vetting and other fees payable to the FCA3231Part 1: Application, notification and vetting fees3131(1) Fee payer(2) Fee payable (£)37Due date(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (ga) of this table26(1) Unless (2),41 (3) or (4)41 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex
PERG 8.12.12AGRP
6Article 16(1A) applies to non-real time financial promotions and solicited real time financial promotions made:(1) by an appointed representative who is carrying on an activity to which sections 20(1) and (1A) and 23(1A) of the Act do not apply as a result of section 39(1D) of the Act; and(2) for the purposes of the appointed representative's business of carrying on a controlled activity which is also a regulated activity to which sections 20(1) and (1A) and 23(1A) of the Act
PERG 8.12.22GRP
Article 19(4) sets out conditions which, if all are satisfied, offer conclusive proof that a financial promotion is directed only at investment professionals. These conditions relate to indications accompanying the financial promotion and the existence of proper systems and procedures. The guidance about proper systems and procedures in PERG 8.12.6 G applies equally to article 19. Article 19(6) specifically states that a financial promotion may be treated as made only to or directed
PERG 8.12.25GRP
With this objective in mind, the exemption in article 20 applies to any non-real time financial promotion the contents of which are devised by a person acting as a journalist where the financial promotion is in:1(1) a newspaper, journal, magazine or other periodical publication;(2) a regularly updated news or information service (such as a website or teletext service); or(3) a television or radio broadcast or transmission.In addition, the publication, service or broadcast must
PERG 8.12.32GRP
Article 20A provides a further exemption for certain financial promotionscommunicated by means of a service or broadcast which satisfies the principal purpose test in article 54 of the Regulated Activity Order (see PERG 8.12.25 G and PERG 7). Readers of this section should also refer to the guidance on company statements in PERG 8.21.1
PERG 8.12.34GRP
The exemption applies where the financial promotion:(1) comprises words which are spoken by the director or employee and not broadcast, transmitted or displayed in writing; or(2) is displayed in writing only because it is part of an interactive dialogue to which the director or employee is a party and in the course of which he is expected to respond immediately to questions put by a recipient of the communication.This is provided that the financial promotion is not part of an
BIPRU 12 contains rules and guidance relating to the adequacy of a firm's liquidity resources. In assessing the adequacy of its liquidity resources, a firm should do so by reference to the overall liquidity adequacy rule, rather than the overall financial adequacy rule.
(1) This paragraph gives guidance on some of the terms used in the overall Pillar 2 rule.(2) In a narrow sense, business risk is the risk to a firm that it suffers losses because its income falls or is volatile relative to its fixed cost base. However, in a broader sense, it is exposure to a wide range of macro-economic, geopolitical, industry, regulatory and other external risks that might deflect a firm from its desired strategy and business plan. IFPRU 2.3.47 G to IFPRU 2.3.54
The general stress and scenario testing rule in IFPRU 2.2.37 R and related rules and guidance apply to a significant IFPRU firm.
This section contains guidance on the assessment required by IFPRU 2.2.7 R (2)(k) for a firm exposed to pension obligation risk as defined in IFPRU 2.2.8 R (5).
This section contains additional guidance on the assessment required by IFPRU 2.2.7 R (2)(l) (Group risk).
The purpose of this guidance is to set out:(1) at PERG 6.5 the general principles; and(2) at PERG 6.6 the range of specific factors;that the FCA regards as relevant in deciding whether any arrangement is a contract of insurance.
This guidance includes (at PERG 6.7) a number of examples, showing how the factors have been applied to reach conclusions with respect to specific categories of business. Further examples may be published from time-to-time.
SYSC 13.2.1GRP
SYSC 13 provides guidance on how to interpret SYSC 3.1.1 R and SYSC 3.2.6 R, which deal with the establishment and maintenance of systems and controls, in relation to the management of operational risk. Operational risk has been described by the Basel Committee on Banking Supervision as "the risk of loss, resulting from inadequate or failed internal processes, people and systems, or from external events". This chapter covers systems and controls for managing risks concerning any
SYSC 13.2.2GRP
Operational risk is a concept that can have a different application for different firms. A firm should assess the appropriateness of the guidance in this chapter in the light of the scale, nature and complexity of its activities as well as its obligations as set out in Principle 3, to organise and control its affairs responsibly and effectively.
(1) 1Subject to (2), (3) and (4)3, this2 chapter applies to a firm to which either or both of CASS 6 (Custody rules) and CASS 7 (Client money rules) applies.23(2) In relation to a firm to which CASS 5 (Client money: insurance mediation activity) and CASS 7 (Client money rules) apply, this chapter does not apply in relation to client money that a firm holds in accordance with CASS 5. (3) The rules and guidance in CASS 1A.2 apply to a firm even if at the date of the determination
The purpose of this chapter is to provide rules and guidance relating to senior management arrangements, systems and controls that are specific to credit unions.2
This chapter is also intended to remind credit unions that the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) also contains a number of high level rules and guidance2 relating to senior management arrangements, systems and controls designed to have general application to all firms, including credit unions. SYSC 1, SYSC 4 to SYSC 10 and SYSC 212 apply to all credit unions in respect of the carrying on of their regulated activities and unregulated activities
Although what appears below is the FCA's approach, it cannot state what the law is, as that is a matter for the courts. Accordingly, this guidance is not a substitute for adequate legal advice on any transaction.
The list of principles and factors is not closed and this guidance by no means covers all types of insurance-like business.
For complaints about sales that took place prior to 14 January 2005, a firm should take account of the evidential provisions in this appendix as if they were guidance.
RCB 4.1.1GRP
1This chapter contains guidance for issuers, and owners and other persons subject to the RCB Regulations.
RCB 4.1.2GRP
The purpose of this chapter is to give guidance on the FCA's approach to the use of its enforcement powers under the RCB Regulations and to set out the FCA's policy on the imposition and amount of financial penalties.
Section 21 of the Act does not itself (other than in its heading and side-note) refer to a ‘financial promotion’ but rather to the communication of ‘an invitation or inducement to engage in investment activity’. References in this guidance to a financial promotion mean an invitation or inducement to engage in investment activity.
In addition, this guidance deals with other factors such as when the exemptions in the Financial Promotion Order can be applied, including the exemptions relating to territorial scope and one-off financial promotions.