Related provisions for PERG 6.2.2
121 - 140 of 445 items.
(1) A request must be from or on behalf of the borrower under sections 77 and 78 or from or on behalf of a hirer under section 79. This would include a friend or relative, a solicitor, a claims management company or other third party. Under the Data Protection Act 1998 and the Data Protection Principles, the lender or owner is not allowed to reveal such information to a third party without the authority of the borrower or hirer. It should therefore satisfy itself that the person
(1) Failure to comply with the provisions means that the agreement becomes unenforceable while the failure to comply persists, and the courts have no discretion to allow enforcement.(2) In such cases, a firm should in no way, either by act or omission, mislead a customer as to the enforceability of the agreement.(3) In particular, a firm should not in such cases either threaten court action or other enforcement of the debt or imply that the debt is enforceable when it is not.(4)
12Redress should in most cases be provided by meeting the cost of rearranging the policy, by way of a lump sum payment into the policy in respect of the higher rate of premium due from its inception. It may be appropriate in individual cases to take account of the lower premiums that the complainant will have paid to date. The guidance in DISP App 1.2, as to the circumstances in which this will be appropriate, will be relevant here.
Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.
Reference |
Rule |
Application |
|
Firm classification |
|
Responsibility for CASS operational oversight |
|
Definition of client money and discharge of fiduciary duty |
|
Organisational requirements |
|
Statutory trust |
|
Selecting an approved bank at which to hold client money |
|
Client bank account acknowledgement letters |
|
Segregation and the operation of client money accounts |
|
Payments to creditors |
|
CASS 11.11.1 R to CASS 11.11.12 R , CASS 11.11.30 R and CASS 11.11.32 G |
Records, accounts and reconciliations |
CASS 11 resolution pack |
|
Client money distribution in the event of a failure of a firm or approved bank |
The rules and guidance in this section1 are intended to promote confidence in the market at Lloyd's, and to protect certain consumers of services provided by the Society in carrying on, or in connection with or for the purposes of, its regulated activities. They do this by ensuring that the Society appropriately and effectively regulates the capacity transfer market so that it operates in a fair and transparent manner.1
The byelaws referred to in INSPRU 8.4.3 R should:(1) ensure that adequate and effective arrangements are in place to enable members and persons applying to be admitted as members to enter into transactions to transfer syndicate capacity and settle these transactions in a timely manner;(2) give clear and comprehensive guidance about the dissemination of information that is, or may be, relevant to the price of syndicate capacity and the transparency of the capacity transfer market;
The clear fair and not misleading rule in CONC 3.3.1 R and the general requirements rule in CONC 3.3.2 R and the guidance inCONC 3.3.5 G to CONC 3.3.11 G also, unless a rule or guidance in those paragraphs specifies differently, apply to:(1) a communication with a customer in relation to debt counselling or debt adjusting; and(2) the communication or approval for communication of a financial promotion in relation to debt counselling or debt adjusting.
Where CONC 5.5.3 R applies to a firm, the firm must comply with CONC 5.3.2 R, CONC 5.3.4 R, CONC 5.3.5 R, CONC 5.3.6 R and CONC 5.3.7 R to the same extent as if it were the lender under an agreement to which those rules apply and should take into account the guidance in CONC 5.3 to the same extent, and should also take into account CONC 5.2.3 G and CONC 5.2.4 G treating them as guidance on CONC 5.5.3 R.
Before a P2P agreement is entered into under which a person takes an article in pawn, the firm must:(1) undertake the assessment referred to in CONC 5.2.2R (1) of the prospective borrower; and (2) comply with CONC 5.3.2 R, CONC 5.3.4 R, CONC 5.3.5 R, CONC 5.3.6 R and CONC 5.3.7 R to the same extent as if it were the lender under an agreement to which those rules apply, and should also take into account the guidance in CONC 5.2.3 G and CONC 5.2.4 G and CONC 5.3 to the same extent.
Any specific rule or piece of guidance in CONC is without prejudice to the application of PRIN, any other rules in the Handbooks, the CCA and secondary legislation made and things done under it, the Consumer Protection from Unfair Trading Regulations 2008, the Consumer Rights Act 20152, Part 8 of the Enterprise Act 2002 and any other applicable consumer protection legislation.
4The FCA5 would expect to provide a UK recognised body with individual guidance on the amount of eligible financial resources which it considers would be sufficient for the UK recognised body to hold in respect of operational and other risks in order to satisfy the recognition requirements. In formulating its individual guidance, the FCA5 will ordinarily apply the approach described in REC 2.3.9 G for UK RIEs.5555
4The FCA5 would normally expect to use the financial risk assessment prepared by the UK RIE in the course of preparing individual guidance on the amount of financial resources that it considers is sufficient for a UK RIE to hold in order to satisfy the recognition requirements. The financial risk assessment would provide the basis for calculating the amount of eligible financial resources that should be held by the UK RIE under the risk-based approach.5
4The FCA5 would expect to consider the financial risk assessment, any proposal with respect to an operational risk buffer and, if applicable, the consolidated balance sheet, in formulating its guidance on the amount of eligible financial resources it considers to be sufficient for the UK RIE to hold in order to meet the recognition requirements. In formulating its guidance, the FCA5 would, where relevant, consider whether or not the financial risk assessment makes adequate provision
The Code of Practice for Approved Persons5 is general guidance. The status and effect of general guidance is described in the Readers' Guide. In particular, guidance:5(1) represents the FCA’s view and does not bind the courts or third parties;5(2) is not binding on approved persons, nor does it have ‘evidential’ effect;5(3) need not be followed to achieve compliance with the Statements of Principle, nor is there any presumption that departing from guidance is indicative of a
UK domestic firms with a premium listing of equity shares6 are subject to the UK
Corporate Governance Code4, whose internal
control provisions are amplified in the publication entitled ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting (September 2014)’6 issued by the Financial Reporting Council4. Firms regulated
by the FCA5 in this category will 6be subject
to that code as well as to the requirements and standards of the regulatory system.
(1) 2This guidance applies to persons subject to MAR 10.4.8D(2) or MAR 10.4.10D(3).(2) A firm subject to MAR 10.4.8D(2) or MAR 10.4.10D(3) may use a third party technology provider to submit to the FCA the report referred to in MAR 10.4.8 D(2) provided that it does so in a manner consistent with MiFID. It will retain responsibility for the completeness, accuracy and timely submission of the report and should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity
(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,
The Regulated Activities Order does not define a reinsurance contract. The essential elements of the common law description of a contract of insurance are also the essential elements of a reinsurance contract. Whilst the IMD addresses insurance and reinsurance separately, throughout this guidance the term 'contract of insurance' (italicised or otherwise) also applies to contracts of reinsurance.
The purpose of the guidance (other than in REC 6A) 2in this sourcebook is to give information on the recognised body requirements.3 The purpose of the guidance3 in REC 6A is to give EEA market operators information about their passporting rights in the United Kingdom2. Explanations of the purposes of the rules in this sourcebook are given in the chapters concerned.2233
(1) Most of the provisions in this sourcebook are marked with a G (to indicate guidance) or an R (to indicate a rule). Quotations from UK2 statute or statutory instruments are marked with the letters "UK"2 unless they form part of a piece of guidance. Quotations from the directly applicable MiFID Regulation are marked with the letters "EU". 2For a discussion of the status of provisions marked with a letter, see Chapter 6 of the Reader's Guide.21(2) Where the guidance states that
Parts of MCOB relate to distance contracts (or distance mortgage mediation contracts and distance home purchase mediation contracts2) with consumers3. These expressions are derived from the Distance Marketing Directive, and the following paragraphs provide some guidance to firms on their meaning:3(1) consumer3The Distance Marketing Directive applies for distance contracts with 'any natural person who is acting for purposes which are outside his trade, business or profession',
6CBTL firms are subject to a duty to deal with the FCA in an open and co-operative manner under article 18(1)(d) of the MCD Order. SUP 2.3 applies to CBTL firms in relation to complying with that duty as though:(1) a reference to firm included a reference to a CBTL firm;(2) a reference to the regulatory system were a reference to the provisions of the MCD Order, rules, directions and guidance applicable to CBTL firms;(3) a reference to Principle 11 were a reference to the duty
The purpose of SUP 2.3 is to amplify Principle 11 in the context of information gathering by the FCA on its own initiative in the discharge of its functions under the Act. SUP 2.3 therefore sets out, in guidance on Principle 11 and in rules, how the FCA expects firms to deal with the FCA in that context, including the steps that a firm should take with a view to ensuring that certain connected persons should also cooperate with the FCA.