1Activity |
Products/Sectors |
Is there an appropriate qualification4requirement? 4 |
|
Designated investment business carried on for a retail client |
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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. |
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. |
Yes2 |
||
8. |
Investments in the course of corporate finance business |
Yes2 |
|
9. |
Yes2 |
||
129A. |
Yes |
||
Undertaking the activity in column 2 |
10. |
Yes |
|
11. |
Yes2 |
||
Advising and dealing |
12. |
Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds |
Yes |
13. |
Yes2 |
||
4Dealing |
13A.8 |
Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds |
No |
No |
|||
13C. |
No |
||
Managing |
14. |
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 |
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 |
Yes |
||
Overseeing execution-only sales on a day-to-day basis9 9 |
23. |
Yes |
|
11MCD credit agreement activities carried on for consumers |
|||
11manufacturing |
23A |
No |
|
11entering into a regulated mortgage contract or entering into a regulated credit agreement as lender |
23B |
No |
|
11arranging (bringing about) regulated mortgage contracts or acting as an MCD credit broker |
23C |
No |
|
11advising on a regulated mortgage contract or advising on a regulated credit agreement for the acquisition of land |
23D |
No |
|
11directly managing or supervising employees who carry on any of the MCD credit agreement activities 23A to 23D |
23E |
No |
|
Non-investment insurance business carried on for a consumer |
|||
Advising |
24. |
No |
|
3Regulated sale and rent back activity carried on for a customer |
|||
Advising |
25. |
No |
|
Overseeing an execution-only sale10 on a day-to-day basis 10 |
26. |
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 |
||
122A. |
In relation to activity number 9A, see TC 2.1.5HR and TC 2.1.6R(2). There is no qualification for this activity in the list of qualifications set out in TC Appendix 4E. However, the effect of TC 2.1.5HR is that an employeeadvising on P2P agreements must be qualified to the same standard as if that employee were providing investment advice to retail clients on retail investment products. |
||
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). |
||
4. |
In this Appendix, paragraphs 23A, 23B, 23C, 23D and 23E relate to the implementation of article 9(1) of the MCD. The specified activities do not, in and of themselves, attract a qualification requirement. However, where those activities overlap with those specified under the heading "mortgage activity and reversion activity carried on for a customer", qualification requirements may apply. |
Related provisions for CASS 7.16.30
21 - 24 of 24 items.