Exempt CAD firms |
OPS firms (see Note 1 below) |
Non-OPS Life Offices and Non-OPS Local Authorities |
Individuals admitted to membership collectively |
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Financial resources rules |
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No (see Note 3 below) |
No |
No |
Yes |
|
Individuals whose sole investment business is giving investment advice to institutional or corporate investors |
Firms subject to "lead regulator arrangements" |
All other firms |
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Financial resources rules |
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No |
No |
Yes |
||
(see Note 2 below) |
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Accounting records rules |
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IPRU-INV 5.3.1R (1) to 5.3.1R(6) |
No |
Yes |
Yes |
|
Note 1. Firms are referred to the specific compliance reports for OPS firms required by Chapter 16 of the Supervision Manual. |
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Note 2. A firm subject to "lead regulator arrangements" whereby a body other than the FCA is responsible for its financial regulation shall comply with the corresponding financial resources rules and financial returns rules of that body, and a breach of such rules shall be treated as a breach of the rules of the FCA. |
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Note 3. The financial and non-financial resources rules for an exempt CAD firm are set out in IPRU-INV chapter 9. However, IPRU-INV 5.2.1R to 5.7.3R apply to an exempt CAD firm for the purpose of calculating its own funds (see IPRU-INV 9.2.9R(2)(a)) (although the Category A items of Tier 1 capital as set out in IPRU-INV 5.8.1R are replaced by all the items in IPRU-INV 9.3.1R) and if it carries on any regulated activity other than MiFID business (see IPRU-INV 9.2.3R). |
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Related provisions for LR 8.6.7B
1001 - 1020 of 1077 items.
The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:(1) the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed and the changes and the reasons for the changes should be disclosed in the half-yearly report; or(2) the FCA otherwise agrees.
If it appears to the appropriate regulator3 that an auditor of a firm has failed to comply with a duty imposed on him under the Act, it may have the power to and3 may disqualify him under section 345 or 345A, respectively,3 of the Act.1 A list of persons who are disqualified may be found on the FCA's3 website (www.fca.org.uk).3313333
The FCA may modify the information requirements in LR 13.4.6 R if it considers that the information set out would not provide significant additional information. In those circumstances the FCA would generally require only the following information, provided it is presented in accordance with reporting standards acceptable to the FCA:33(1) details of mineral resources, and where applicable reserves (presented separately) and exploration results or prospects;3(2) anticipated mine
The Ombudsman may dismiss a complaint413referred to the Financial Ombudsman Service before 9 July 2015 413without considering its merits if 413the Ombudsman413considers that:5(1) the complainant has not suffered (or is unlikely to suffer) financial loss, material distress or material inconvenience; or(2) the complaint is frivolous or vexatious; or(3) the complaint clearly does not have any reasonable prospect of success; or(4) the respondent has already made an offer of compensation
Explanatory table: This table belongs to COLL 6.2.2 G (4) (Purpose).
Correction of box management errors |
||
1 |
Controls by authorised fund managers |
|
An authorised fund manager needs to be able to demonstrate that it has effective controls over: |
||
(1) |
its calculations of what units are owned by it (its 'box'); and |
|
(2) |
compliance with COLL 6.2.8 R which is intended to prevent a negative box. |
|
2 |
Controls by depositaries |
|
(1) |
Under COLL 6.6.4 (General duties of the depositary), a depositary should take reasonable care to ensure that a scheme2 is managed in accordance with COLL 6.2 (Dealing) and COLL 6.3 (Pricing and valuation). |
|
(2) |
A depositary should therefore make a regular assessment of the authorised fund manager's box management procedures (including supporting systems) and controls. This should include reviewing the authorised fund manager's controls and procedures when the depositary assumes office, on any significant change and on a regular basis, to ensure that a series of otherwise minor changes do not have a cumulative and a significant effect on the accuracy of the controls and procedures. |
|
3 |
Recording and reporting of box management errors |
|
(1) |
An authorised fund manager should record all errors which result in a breach of COLL 6.2.8 R (Controls over the issue and cancellation of units) and as soon as an error is discovered, the authorised fund manager should report the fact to the depositary, together with details of the action taken, or to be taken, to avoid repetition of the error. |
|
(2) |
A depositary should report material box management errors to the FCA immediately. Materiality should be determined by taking into account a number of factors including:
|
|
(3) |
A depositary should also make a return to the FCA (in the manner prescribed by SUP 16.6.8 R) on a quarterly basis. |
|
Where a firm provides services to a consumer by way of a distance contract, the firm must provide the consumer with the following information in a durable medium in good time before the distance contract has been agreed:(1) the information which is required by MCOB 4.4A.1 R to MCOB 4.4A.8A R;22(2) whether or not the firm will be providing the consumer with advice;(3) the name and the main business of the firm, the geographical address at which it is established and any other geographical
(1) The general purpose of this sourcebook is to contribute to the FCA meeting its statutory objectives of the protection of consumers. It provides a regime of product regulation for authorised funds, which sets appropriate standards of protection for investors by specifying a number of features of those products and how they are to be operated.(2) In addition, this sourcebook implements part of the requirements of the UCITS Directive to meet EU law 2 obligations relevant to authorised
This guidance is issued under section 139A of the Act. It represents the FCA's views and does not bind the courts. For example, it would not bind the courts in an action for damages brought by a private person for breach of a rule (see section 138D of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of sections 19 (The general prohibition) or 21 (Restrictions on financial promotion) of the Act (see sections 26 to
(1) The instrument constituting the fund5 may provide for different classes of unit to be issued in an authorised fund and, for a scheme which is an umbrella, provide that classes of units may be issued for each sub-fund.5(2) In order to be satisfied that COLL 3.2.2 R (Relationship between the Instrument constituting the fund5and the rules) is complied with, the FCA will take into account the principles in (a) to (c) when considering proposals for unit classes:5(a) a unit class
1Under the Criminal Justice Act 1987 the Director of the SFO may investigate any suspected offence which appears on reasonable grounds to involve serious or complex fraud and may also conduct, or take over the conduct of, the prosecution of any such offence. The SFO may investigate in conjunction with any other person with whom the Director thinks it is proper to do so; that includes a police force (or the FCA or any other regulator). The criteria used by the SFO for deciding
(1) 6This guidance is relevant to a relevant authorised person required to
establish and maintain an internal audit function under SYSC 6.2.1R.(2) Taking account of the nature, scale and complexity of its activities,
the firm should have appropriate procedures to ensure that the
removal or any other disciplinary sanctioning of the head of the
internal audit function does not undermine the independence of the
internal audit function.(3) In the FCA's view, it will be appropriate,
(1) An exempt full scope IFPRU investment firm2 is a full-scope IFPRU investment firm2 that at all times has total net assets which are less than or equal to £50 million.22(2) In this rule, total net assets are the sum of a firm's total trading book assets and its total non-trading book assets, less the sum of its called up share capital, reserves and minority interests.(3) For the purpose of (2), the value attributed to each of the specified balance sheet items must be that which
The process of applying for Part 4A permission is available on the FCA website Apply for authorisation: www.fca.org.uk/firms/authorisation/apply-authorisation2. But a list of the activities for which permission may be given is annexed to this chapter (see PERG 2 Annex 2 G). You may find this helpful in providing an overview of the activities that are regulated. The list is included here because, with some exceptions, the investments and activities for which permission may be given
1The insurance client money chapter2 does not apply to an authorised professional firm with respect to its non-mainstream regulated activities, which are insurance mediation activities, if:2(1) the firm's designated professional body has made rules which implement article 4 of the Insurance Mediation Directive;33(2) those rules have been approved by the FCA under section 332(5) of the Act; and(3) the firm is subject to the rules in the form in which they were approved.
The notice required by CONC 7.17.4 R must contain the following information:(1) a form of wording to the effect that the notice is given in compliance with the rules because the borrower is behind with the sums payable under the agreement;(2) a form of wording encouraging the borrower to discuss the state of his account with the firm;(3) the date of the notice;(4) (a) the name, telephone number or numbers, the postal address, and, where appropriate, any other address of the firm;